Paloma Partners Management Co raised its position in shares of ALLETE Inc (NYSE:ALE) by 135.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 91,013 shares of the utilities provider’s stock after purchasing an additional 52,381 shares during the quarter. Paloma Partners Management Co owned 0.18% of ALLETE worth $6,768,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in ALLETE by 1.6% during the 4th quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock valued at $497,185,000 after purchasing an additional 108,468 shares in the last quarter. Victory Capital Management Inc. increased its stake in ALLETE by 0.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,369,925 shares of the utilities provider’s stock valued at $101,868,000 after purchasing an additional 6,425 shares in the last quarter. Macquarie Group Ltd. increased its stake in ALLETE by 4,655.4% during the 3rd quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock valued at $52,192,000 after purchasing an additional 661,063 shares in the last quarter. Geode Capital Management LLC increased its stake in ALLETE by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 517,000 shares of the utilities provider’s stock valued at $38,444,000 after purchasing an additional 11,463 shares in the last quarter. Finally, Sei Investments Co. increased its stake in ALLETE by 399.6% during the 4th quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock valued at $19,278,000 after purchasing an additional 378,053 shares in the last quarter. Institutional investors and hedge funds own 73.55% of the company’s stock.
A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of ALLETE from $73.00 to $76.00 and gave the company an “underweight” rating in a research note on Wednesday, November 15th. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Williams Capital upgraded shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research note on Friday, February 2nd. Guggenheim reiterated a “hold” rating and issued a $63.00 price target on shares of ALLETE in a research note on Friday, February 23rd. Finally, Wells Fargo & Co set a $71.00 price target on shares of ALLETE and gave the stock a “hold” rating in a research note on Tuesday, February 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ALLETE currently has an average rating of “Hold” and a consensus price target of $74.36.
ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.13). ALLETE had a return on equity of 8.40% and a net margin of 12.13%. The company had revenue of $337.90 million during the quarter, compared to the consensus estimate of $348.00 million. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. research analysts anticipate that ALLETE Inc will post 3.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.56 dividend. The ex-dividend date was Wednesday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.29%. ALLETE’s payout ratio is currently 66.27%.
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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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