QS Investors LLC boosted its stake in shares of ALLETE Inc (NYSE:ALE) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,166 shares of the utilities provider’s stock after purchasing an additional 1,155 shares during the quarter. QS Investors LLC owned 0.16% of ALLETE worth $6,036,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Deutsche Bank AG raised its stake in ALLETE by 49.3% during the 4th quarter. Deutsche Bank AG now owns 127,112 shares of the utilities provider’s stock valued at $9,450,000 after purchasing an additional 41,995 shares during the last quarter. Jefferies Group LLC acquired a new position in ALLETE during the 4th quarter valued at $410,000. Renaissance Technologies LLC raised its stake in ALLETE by 72.9% during the 4th quarter. Renaissance Technologies LLC now owns 419,499 shares of the utilities provider’s stock valued at $31,194,000 after purchasing an additional 176,899 shares during the last quarter. Geode Capital Management LLC raised 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 during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in ALLETE during the 4th quarter valued at $375,000. Hedge funds and other institutional investors own 73.55% of the company’s stock.
Several research firms recently commented on ALE. Mizuho began coverage on shares of ALLETE in a research note on Wednesday, February 28th. They set a “buy” rating and a $71.50 target price for the company. Guggenheim reiterated a “hold” rating and set a $63.00 target price on shares of ALLETE in a research note on Friday, February 23rd. JPMorgan Chase & Co. cut their target price on shares of ALLETE from $76.00 to $73.00 and set an “underweight” rating for the company in a research note on Thursday, January 25th. Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Finally, Wells Fargo & Co set a $71.00 target price on shares of ALLETE and gave the company a “hold” rating in a research note on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $74.36.
ALLETE (NYSE:ALE) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.13). ALLETE had a net margin of 12.13% and a return on equity of 8.40%. The business had revenue of $337.90 million during the quarter, compared to analyst estimates of $348.00 million. During the same quarter in the prior year, the company posted $0.70 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. sell-side analysts forecast that ALLETE Inc will post 3.36 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.56 dividend. This is a boost from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, February 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.26%. ALLETE’s dividend payout ratio is currently 66.27%.
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ALLETE Company Profile
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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