SeaCrest Wealth Management LLC Invests $29,000 in ALLETE, Inc. (NYSE:ALE)

SeaCrest Wealth Management LLC purchased a new position in ALLETE, Inc. (NYSE:ALEGet Rating) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 500 shares of the utilities provider’s stock, valued at approximately $29,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of ALLETE by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 5,541,217 shares of the utilities provider’s stock worth $371,150,000 after acquiring an additional 118,439 shares in the last quarter. State Street Corp increased its stake in shares of ALLETE by 12.3% in the 1st quarter. State Street Corp now owns 2,195,210 shares of the utilities provider’s stock worth $147,035,000 after acquiring an additional 240,252 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of ALLETE by 4.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,712,790 shares of the utilities provider’s stock worth $100,677,000 after acquiring an additional 79,295 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of ALLETE by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 890,653 shares of the utilities provider’s stock worth $59,655,000 after acquiring an additional 18,437 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of ALLETE by 61.6% in the 1st quarter. Invesco Ltd. now owns 759,218 shares of the utilities provider’s stock worth $50,852,000 after acquiring an additional 289,528 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.

ALLETE Stock Performance

Shares of ALE stock opened at $66.15 on Wednesday. The company has a 50 day moving average price of $55.36 and a 200-day moving average price of $58.54. ALLETE, Inc. has a 52 week low of $47.77 and a 52 week high of $68.61. The firm has a market capitalization of $3.78 billion, a PE ratio of 17.98, a P/E/G ratio of 1.88 and a beta of 0.71. The company has a quick ratio of 0.35, a current ratio of 1.02 and a debt-to-equity ratio of 0.49.

ALLETE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Monday, November 14th. ALLETE’s payout ratio is 70.65%.

Wall Street Analysts Forecast Growth

ALE has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price target for the company in a research note on Thursday, November 17th. StockNews.com upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a research note on Tuesday. Bank of America upgraded shares of ALLETE from a “neutral” rating to a “buy” rating and raised their price objective for the company from $53.00 to $66.00 in a research note on Monday, November 14th. Wells Fargo & Company reduced their price objective on shares of ALLETE from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 19th. Finally, Mizuho reduced their price objective on shares of ALLETE from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, October 3rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, ALLETE presently has an average rating of “Hold” and an average target price of $58.00.

ALLETE Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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