AdvisorNet Financial Inc Has $356,000 Stock Position in ALLETE, Inc. (NYSE:ALE)

AdvisorNet Financial Inc lowered its stake in ALLETE, Inc. (NYSE:ALEGet Rating) by 12.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,055 shares of the utilities provider’s stock after selling 876 shares during the quarter. AdvisorNet Financial Inc’s holdings in ALLETE were worth $356,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of ALLETE by 421.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 308 shares during the period. Creative Financial Designs Inc. ADV acquired a new position in shares of ALLETE in the 1st quarter valued at $30,000. Meeder Asset Management Inc. acquired a new position in shares of ALLETE in the 1st quarter valued at $79,000. Covestor Ltd increased its position in shares of ALLETE by 82.4% in the 1st quarter. Covestor Ltd now owns 1,662 shares of the utilities provider’s stock valued at $111,000 after buying an additional 751 shares in the last quarter. Finally, Aaron Wealth Advisors LLC bought a new stake in shares of ALLETE in the 1st quarter valued at $158,000. Institutional investors and hedge funds own 77.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ALE shares. StockNews.com upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Bank of America started coverage on shares of ALLETE in a research report on Wednesday, May 25th. They issued a “neutral” rating and a $63.00 price objective for the company. Finally, Mizuho lowered their price objective on shares of ALLETE from $60.00 to $58.00 and set a “neutral” rating for the company in a research report on Friday.

ALLETE Price Performance

ALE stock opened at $58.97 on Tuesday. The stock has a 50-day moving average price of $60.47 and a two-hundred day moving average price of $61.43. The stock has a market cap of $3.37 billion, a PE ratio of 16.29, a price-to-earnings-growth ratio of 1.91 and a beta of 0.61. The company has a current ratio of 0.93, a quick ratio of 0.43 and a debt-to-equity ratio of 0.48. ALLETE, Inc. has a 1 year low of $56.55 and a 1 year high of $68.61.

ALLETE (NYSE:ALEGet Rating) last released its earnings results on Wednesday, August 3rd. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.14. ALLETE had a return on equity of 6.29% and a net margin of 12.89%. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Equities analysts forecast that ALLETE, Inc. will post 3.74 EPS for the current fiscal year.

ALLETE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 15th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend was Friday, August 12th. ALLETE’s payout ratio is 71.82%.

About ALLETE

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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.

See Also

Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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