State of Alaska Department of Revenue Reduces Stock Position in ALLETE, Inc. (NYSE:ALE)

State of Alaska Department of Revenue cut its stake in ALLETE, Inc. (NYSE:ALEGet Rating) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,921 shares of the utilities provider’s stock after selling 265 shares during the period. State of Alaska Department of Revenue’s holdings in ALLETE were worth $396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ALE. Probity Advisors Inc. grew its position in ALLETE by 3.3% in the second quarter. Probity Advisors Inc. now owns 6,253 shares of the utilities provider’s stock worth $368,000 after acquiring an additional 197 shares during the period. CWM LLC grew its position in ALLETE by 23.1% in the second quarter. CWM LLC now owns 1,081 shares of the utilities provider’s stock worth $64,000 after acquiring an additional 203 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of ALLETE by 2.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,514 shares of the utilities provider’s stock worth $559,000 after buying an additional 216 shares during the period. Arizona State Retirement System boosted its position in shares of ALLETE by 1.5% during the second quarter. Arizona State Retirement System now owns 14,429 shares of the utilities provider’s stock worth $848,000 after buying an additional 218 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of ALLETE by 1.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 17,411 shares of the utilities provider’s stock worth $1,166,000 after buying an additional 228 shares during the period. 77.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALE has been the subject of several research analyst reports. Wells Fargo & Company raised their price target on ALLETE from $60.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 14th. TheStreet upgraded ALLETE from a “c+” rating to a “b-” rating in a research note on Friday, December 2nd. Guggenheim reduced their price objective on ALLETE from $66.00 to $53.00 in a research note on Monday, October 24th. StockNews.com upgraded ALLETE from a “sell” rating to a “hold” rating in a research note on Tuesday, November 22nd. Finally, Bank of America upgraded ALLETE from a “neutral” rating to a “buy” rating and increased their price objective for the company from $53.00 to $66.00 in a research note on Monday, November 14th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, ALLETE has a consensus rating of “Hold” and an average price target of $63.20.

ALLETE Stock Down 0.9 %

ALLETE stock opened at $65.43 on Friday. ALLETE, Inc. has a 1-year low of $47.77 and a 1-year high of $68.46. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.02 and a quick ratio of 0.35. The stock has a market cap of $3.74 billion, a PE ratio of 17.78, a P/E/G ratio of 1.77 and a beta of 0.74. The stock’s fifty day moving average is $64.34 and its two-hundred day moving average is $59.89.

ALLETE (NYSE:ALEGet Rating) last posted its quarterly earnings results on Wednesday, November 9th. The utilities provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.11). ALLETE had a net margin of 12.92% and a return on equity of 6.23%. The business had revenue of $388.30 million during the quarter, compared to analyst estimates of $361.20 million. On average, sell-side analysts expect that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Monday, November 14th. ALLETE’s payout ratio is 70.65%.

About ALLETE

(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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