Amalgamated Bank Sells 1,631 Shares of ALLETE, Inc. (NYSE:ALE)

Amalgamated Bank lowered its holdings in ALLETE, Inc. (NYSE:ALE) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,402 shares of the utilities provider’s stock after selling 1,631 shares during the quarter. Amalgamated Bank’s holdings in ALLETE were worth $1,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. raised its stake in shares of ALLETE by 1.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 18,928 shares of the utilities provider’s stock worth $1,215,000 after purchasing an additional 327 shares during the last quarter. Arizona State Retirement System raised its stake in shares of ALLETE by 2.2% in the second quarter. Arizona State Retirement System now owns 16,143 shares of the utilities provider’s stock worth $1,007,000 after purchasing an additional 347 shares during the last quarter. CWM LLC raised its stake in shares of ALLETE by 12.3% in the second quarter. CWM LLC now owns 3,827 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 420 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of ALLETE by 6.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,102 shares of the utilities provider’s stock worth $443,000 after purchasing an additional 447 shares during the last quarter. Finally, Inspire Advisors LLC raised its stake in shares of ALLETE by 1.6% in the third quarter. Inspire Advisors LLC now owns 29,347 shares of the utilities provider’s stock worth $1,884,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company’s stock.

ALLETE Stock Down 0.2 %

ALLETE stock opened at $65.09 on Wednesday. The stock has a market cap of $3.76 billion, a PE ratio of 20.86 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45. ALLETE, Inc. has a one year low of $53.14 and a one year high of $65.86. The stock has a fifty day moving average of $64.18 and a 200 day moving average of $63.51.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.21). The company had revenue of $407.20 million during the quarter. ALLETE had a return on equity of 5.99% and a net margin of 11.49%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS.

ALLETE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a $0.705 dividend. This is a boost from ALLETE’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.82 dividend on an annualized basis and a yield of 4.33%. ALLETE’s dividend payout ratio is presently 90.38%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. StockNews.com assumed coverage on ALLETE in a research report on Thursday, November 7th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.00.

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.