Texas Permanent School Fund grew its stake in shares of ALLETE Inc (NYSE:ALE) by 3.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 34,981 shares of the utilities provider’s stock after acquiring an additional 1,329 shares during the quarter. Texas Permanent School Fund owned about 0.07% of ALLETE worth $2,876,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. CWM LLC lifted its position in shares of ALLETE by 93.4% during the 1st quarter. CWM LLC now owns 410 shares of the utilities provider’s stock worth $34,000 after buying an additional 198 shares during the last quarter. WP Advisors LLC bought a new stake in shares of ALLETE during the 1st quarter worth $36,000. Quadrant Capital Group LLC lifted its position in shares of ALLETE by 4,644.8% during the 1st quarter. Quadrant Capital Group LLC now owns 1,376 shares of the utilities provider’s stock worth $112,000 after buying an additional 1,347 shares during the last quarter. Ffcm LLC lifted its position in shares of ALLETE by 120.0% during the 4th quarter. Ffcm LLC now owns 1,659 shares of the utilities provider’s stock worth $126,000 after buying an additional 905 shares during the last quarter. Finally, Pearl River Capital LLC bought a new stake in shares of ALLETE during the 1st quarter worth $134,000. Hedge funds and other institutional investors own 70.30% of the company’s stock.
ALE has been the subject of several recent analyst reports. Mizuho downgraded ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price objective for the company. in a research report on Monday, February 11th. Zacks Investment Research raised ALLETE from a “sell” rating to a “hold” rating and set a $89.00 target price for the company in a report on Monday, February 18th. ValuEngine cut ALLETE from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and upped their target price for the stock from $69.00 to $76.00 in a report on Tuesday, February 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $78.46.
ALE traded up $0.63 on Thursday, reaching $81.95. The stock had a trading volume of 1,626 shares, compared to its average volume of 215,327. ALLETE Inc has a fifty-two week low of $70.46 and a fifty-two week high of $84.26. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.28 billion, a PE ratio of 22.78, a PEG ratio of 3.20 and a beta of 0.28.
ALLETE (NYSE:ALE) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.01). ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The firm had revenue of $357.20 million during the quarter, compared to analyst estimates of $364.00 million. During the same period in the previous year, the company earned $0.99 EPS. ALLETE’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts expect that ALLETE Inc will post 3.61 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be issued a $0.5875 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $2.35 dividend on an annualized basis and a yield of 2.87%. ALLETE’s payout ratio is presently 65.10%.
In other news, Director Madeleine W. Ludlow sold 2,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $82.51, for a total value of $165,020.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $80.59, for a total value of $322,360.00. Following the completion of the sale, the chairman now directly owns 80,453 shares of the company’s stock, valued at approximately $6,483,707.27. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
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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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