International Assets Investment Management LLC purchased a new position in shares of ALLETE, Inc. (NYSE:ALE – Free Report) during the 3rd quarter, HoldingsChannel reports. The firm purchased 20,091 shares of the utilities provider’s stock, valued at approximately $12,900,000.
Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. increased its stake in shares of ALLETE by 261.0% during the 3rd quarter. UMB Bank n.a. now owns 1,083 shares of the utilities provider’s stock worth $70,000 after purchasing an additional 783 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of ALLETE by 4,157.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock worth $71,000 after buying an additional 1,164 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ALLETE during the 2nd quarter worth $74,000. Hantz Financial Services Inc. bought a new stake in shares of ALLETE during the 2nd quarter worth $75,000. Finally, Covestor Ltd boosted its holdings in shares of ALLETE by 1,118.1% during the 1st quarter. Covestor Ltd now owns 2,156 shares of the utilities provider’s stock worth $129,000 after buying an additional 1,979 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. Sidoti raised shares of ALLETE from a “hold” rating to a “strong-buy” rating in a report on Monday, September 30th. StockNews.com initiated coverage on shares of ALLETE in a report on Wednesday. They set a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, ALLETE presently has a consensus rating of “Hold” and a consensus target price of $62.00.
ALLETE Price Performance
Shares of ALLETE stock opened at $64.00 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.83. ALLETE, Inc. has a fifty-two week low of $52.89 and a fifty-two week high of $65.86. The firm has a fifty day moving average price of $63.95 and a two-hundred day moving average price of $63.12. The company has a market cap of $3.70 billion, a PE ratio of 15.38 and a beta of 0.80.
ALLETE (NYSE:ALE – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The company had revenue of $354.50 million during the quarter, compared to the consensus estimate of $547.24 million. During the same period last year, the company earned $0.90 earnings per share. ALLETE’s revenue for the quarter was down 33.6% on a year-over-year basis.
ALLETE Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be issued a dividend of $0.705 per share. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.41%. This is an increase from ALLETE’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, November 15th. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.
ALLETE Profile
ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.
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