Alliancebernstein L.P. raised its position in ALLETE Inc (NYSE:ALE) by 17.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,648 shares of the utilities provider’s stock after acquiring an additional 16,537 shares during the period. Alliancebernstein L.P. owned about 0.22% of ALLETE worth $8,525,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Bank of Montreal Can lifted its stake in ALLETE by 56.1% during the 2nd quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock valued at $355,000 after acquiring an additional 1,653 shares during the period. Eqis Capital Management Inc. acquired a new stake in ALLETE during the 2nd quarter valued at approximately $201,000. Aperio Group LLC lifted its stake in ALLETE by 22.9% during the 2nd quarter. Aperio Group LLC now owns 32,388 shares of the utilities provider’s stock valued at $2,507,000 after acquiring an additional 6,040 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of ALLETE by 75.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 24,755 shares of the utilities provider’s stock valued at $1,916,000 after purchasing an additional 10,660 shares in the last quarter. Finally, TD Asset Management Inc. increased its holdings in shares of ALLETE by 28.1% during the 2nd quarter. TD Asset Management Inc. now owns 60,700 shares of the utilities provider’s stock valued at $4,699,000 after purchasing an additional 13,300 shares in the last quarter. 71.19% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a report on Wednesday, November 7th. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a report on Monday, October 8th. Finally, Wells Fargo & Co lifted their target price on shares of ALLETE from $76.00 to $77.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.25.
ALLETE (NYSE:ALE) last posted its earnings results on Thursday, November 1st. The utilities provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.08). The firm had revenue of $348.00 million for the quarter, compared to analysts’ expectations of $366.00 million. ALLETE had a net margin of 11.12% and a return on equity of 7.46%. ALLETE’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. Analysts expect that ALLETE Inc will post 3.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Stockholders of record on Thursday, November 15th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Wednesday, November 14th. ALLETE’s dividend payout ratio (DPR) is 70.22%.
In other news, Chairman Alan R. Hodnik sold 4,000 shares of ALLETE stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total transaction of $302,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by 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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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