Commonwealth Bank of Australia decreased its position in shares of ALLETE Inc (NYSE:ALE) by 23.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,000 shares of the utilities provider’s stock after selling 900 shares during the quarter. Commonwealth Bank of Australia’s holdings in ALLETE were worth $228,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in ALE. FMR LLC acquired a new stake in shares of ALLETE during the third quarter worth about $122,000. Ffcm LLC lifted its holdings in shares of ALLETE by 120.0% during the fourth quarter. Ffcm LLC now owns 1,659 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 905 shares during the period. Quantbot Technologies LP acquired a new position in ALLETE in the third quarter valued at approximately $128,000. BerganKDV Wealth Management LLC lifted its holdings in ALLETE by 57.0% in the third quarter. BerganKDV Wealth Management LLC now owns 1,987 shares of the utilities provider’s stock valued at $149,000 after acquiring an additional 721 shares during the period. Finally, Trexquant Investment LP acquired a new position in ALLETE in the third quarter valued at approximately $208,000. 70.95% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on ALE. Zacks Investment Research downgraded ALLETE from a “buy” rating to a “hold” rating in a report on Monday, March 11th. Williams Capital downgraded ALLETE from a “hold” rating to a “sell” rating and set a $69.00 price target for the company. in a report on Monday, December 10th. Finally, Mizuho downgraded ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price target for the company. in a report on Monday, February 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $76.38.
In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $80.59, for a total value of $322,360.00. Following the completion of the transaction, the chairman now directly owns 80,453 shares of the company’s stock, valued at $6,483,707.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.
Shares of NYSE:ALE opened at $81.82 on Wednesday. ALLETE Inc has a 12-month low of $70.06 and a 12-month high of $84.26. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 23.10 and a beta of 0.29. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.83 and a quick ratio of 0.61.
ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, February 14th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.05. ALLETE had a return on equity of 8.76% and a net margin of 11.62%. The company had revenue of $448.30 million during the quarter, compared to the consensus estimate of $413.00 million. During the same period in the previous year, the company posted $0.81 earnings per share. ALLETE’s revenue for the quarter was up 32.7% on a year-over-year basis. On average, sell-side analysts anticipate that ALLETE Inc will post 3.63 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 15th were issued a $0.5875 dividend. The ex-dividend date of this dividend was Thursday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.56. This represents a $2.35 dividend on an annualized basis and a yield of 2.87%. ALLETE’s payout ratio is presently 65.10%.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.
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