SG Americas Securities LLC Reduces Holdings in ALLETE, Inc. (NYSE:ALE)

SG Americas Securities LLC decreased its position in shares of ALLETE, Inc. (NYSE:ALEGet Rating) by 88.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,409 shares of the utilities provider’s stock after selling 47,652 shares during the quarter. SG Americas Securities LLC’s holdings in ALLETE were worth $429,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ALE. Nisa Investment Advisors LLC acquired a new stake in ALLETE in the first quarter valued at about $3,073,000. Comerica Bank grew its stake in ALLETE by 2.4% in the 1st quarter. Comerica Bank now owns 25,398 shares of the utilities provider’s stock worth $1,638,000 after acquiring an additional 604 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. grew its stake in ALLETE by 1.1% in the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 231,285 shares of the utilities provider’s stock worth $15,491,000 after acquiring an additional 2,591 shares during the period. Kestra Advisory Services LLC grew its stake in ALLETE by 45.4% in the 1st quarter. Kestra Advisory Services LLC now owns 7,600 shares of the utilities provider’s stock worth $509,000 after acquiring an additional 2,374 shares during the period. Finally, Exchange Traded Concepts LLC purchased a new stake in ALLETE in the 1st quarter worth approximately $623,000. Hedge funds and other institutional investors own 70.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Bank of America began coverage on shares of ALLETE in a report on Wednesday, May 25th. They issued a “neutral” rating and a $63.00 price target on the stock. lowered shares of ALLETE from a “hold” rating to a “sell” rating in a report on Thursday.

ALLETE Price Performance

NYSE ALE opened at $61.18 on Friday. ALLETE, Inc. has a 52 week low of $56.55 and a 52 week high of $73.10. The company has a current ratio of 0.93, a quick ratio of 0.51 and a debt-to-equity ratio of 0.48. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 1.93 and a beta of 0.61. The company has a 50-day moving average price of $59.62 and a two-hundred day moving average price of $61.84.

ALLETE (NYSE:ALEGet Rating) last posted its earnings results on Wednesday, August 3rd. The utilities provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.63 by $0.14. ALLETE had a net margin of 12.89% and a return on equity of 6.29%. During the same period in the previous year, the business posted $0.53 earnings per share. Analysts forecast that ALLETE, Inc. will post 3.73 EPS for the current year.

ALLETE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, August 15th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, August 12th. ALLETE’s dividend payout ratio is currently 71.82%.

ALLETE Company Profile

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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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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