Martingale Asset Management L P raised its position in shares of ALLETE Inc (NYSE:ALE) by 31.0% during the first quarter, Holdings Channel reports. The fund owned 132,432 shares of the utilities provider’s stock after buying an additional 31,317 shares during the quarter. Martingale Asset Management L P’s holdings in ALLETE were worth $10,891,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC boosted its position in ALLETE by 93.4% during the first quarter. CWM LLC now owns 410 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 198 shares during the last quarter. WP Advisors LLC bought a new stake in ALLETE during the first quarter valued at $36,000. Quadrant Capital Group LLC boosted its position in ALLETE by 4,644.8% during the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the utilities provider’s stock valued at $112,000 after acquiring an additional 1,347 shares during the last quarter. Ffcm LLC boosted its position in ALLETE by 120.0% during the fourth quarter. Ffcm LLC now owns 1,659 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 905 shares during the last quarter. Finally, Pearl River Capital LLC bought a new stake in ALLETE during the first quarter valued at $134,000. 70.93% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on ALE. Zacks Investment Research cut shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Williams Capital raised shares of ALLETE from a “sell” rating to a “hold” rating and upped their price target for the company from $69.00 to $76.00 in a research report on Tuesday, February 19th. Finally, Mizuho cut shares of ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price target on the stock. in a research report on Monday, February 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $79.06.
ALE stock opened at $82.49 on Friday. The stock has a market cap of $4.26 billion, a PE ratio of 22.85, a P/E/G ratio of 3.14 and a beta of 0.28. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69. ALLETE Inc has a 1 year low of $70.46 and a 1 year high of $84.26.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.01). The company had revenue of $357.20 million for the quarter, compared to the consensus estimate of $364.00 million. ALLETE had a return on equity of 9.11% and a net margin of 12.93%. ALLETE’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the company earned $0.99 EPS. As a group, sell-side analysts expect that ALLETE Inc will post 3.63 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.5875 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 2.85%. ALLETE’s dividend payout ratio (DPR) is presently 65.10%.
In other news, CFO Robert John Adams sold 2,885 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $82.45, for a total transaction of $237,868.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $165,020.00. The disclosure for this sale can be found here. Insiders have sold a total of 9,620 shares of company stock worth $792,140 in the last three months. Insiders own 0.43% of the company’s stock.
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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