Insider Selling: ALLETE Inc (ALE) Insider Sells 2,000 Shares of Stock
ALLETE Inc (NYSE:ALE) insider Steven Q. Devinck sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $69.67, for a total transaction of $139,340.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of ALLETE Inc (NYSE:ALE) traded down 0.23% during trading on Thursday, hitting $68.70. 43,015 shares of the company were exchanged. The firm has a market capitalization of $3.50 billion, a PE ratio of 21.58 and a beta of 0.51. The firm’s 50-day moving average price is $68.91 and its 200 day moving average price is $65.02. ALLETE Inc has a 12 month low of $54.03 and a 12 month high of $72.05.
ALLETE (NYSE:ALE) last announced its earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.03. ALLETE had a net margin of 9.38% and a return on equity of 7.46%. The company had revenue of $365.60 million for the quarter, compared to analysts’ expectations of $338 million. During the same quarter in the previous year, the company posted $0.93 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts expect that ALLETE Inc will post $3.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be paid a dividend of $0.535 per share. The ex-dividend date of this dividend is Thursday, May 11th. This represents a $2.14 annualized dividend and a yield of 3.08%. ALLETE’s dividend payout ratio (DPR) is presently 81.99%.
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A number of large investors have recently made changes to their positions in ALE. ClariVest Asset Management LLC raised its position in ALLETE by 24.0% in the first quarter. ClariVest Asset Management LLC now owns 58,900 shares of the utilities provider’s stock valued at $3,988,000 after buying an additional 11,400 shares in the last quarter. Alliancebernstein L.P. raised its position in ALLETE by 26.3% in the first quarter. Alliancebernstein L.P. now owns 93,007 shares of the utilities provider’s stock valued at $6,298,000 after buying an additional 19,341 shares in the last quarter. Asset Management One Co. Ltd. raised its position in ALLETE by 235.5% in the first quarter. Asset Management One Co. Ltd. now owns 113,092 shares of the utilities provider’s stock valued at $7,631,000 after buying an additional 79,382 shares in the last quarter. Neuberger Berman Group LLC raised its position in ALLETE by 1.9% in the first quarter. Neuberger Berman Group LLC now owns 153,817 shares of the utilities provider’s stock valued at $10,415,000 after buying an additional 2,907 shares in the last quarter. Finally, Arizona State Retirement System raised its position in ALLETE by 2.4% in the first quarter. Arizona State Retirement System now owns 26,112 shares of the utilities provider’s stock valued at $1,768,000 after buying an additional 600 shares in the last quarter. 72.57% of the stock is currently owned by institutional investors.
A number of equities analysts have weighed in on ALE shares. Williams Capital upped their price target on shares of ALLETE from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Zacks Investment Research upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $70.50.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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