State of New Jersey Common Pension Fund D Has $2.01 Million Stock Position in ALLETE, Inc. (NYSE:ALE)

State of New Jersey Common Pension Fund D raised its holdings in ALLETE, Inc. (NYSE:ALE – Get Rating) by 7.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 40,075 shares of the utilities provider’s stock after acquiring an additional 2,901 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in ALLETE were worth $2,006,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in ALLETE by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 5,541,217 shares of the utilities provider’s stock valued at $371,150,000 after purchasing an additional 118,439 shares during the last quarter. State Street Corp raised its position in shares of ALLETE by 7.1% in the second quarter. State Street Corp now owns 2,352,001 shares of the utilities provider’s stock worth $138,251,000 after buying an additional 156,791 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of ALLETE by 4.9% during the second quarter. Victory Capital Management Inc. now owns 1,712,790 shares of the utilities provider’s stock worth $100,677,000 after purchasing an additional 79,295 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of ALLETE by 0.9% in the 2nd quarter. Macquarie Group Ltd. now owns 1,199,491 shares of the utilities provider’s stock worth $70,506,000 after buying an additional 10,210 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in ALLETE by 61.6% during the first quarter. Invesco Ltd. now owns 759,218 shares of the utilities provider’s stock worth $50,852,000 after purchasing an additional 289,528 shares during the last quarter. Institutional investors and hedge funds own 77.52% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on ALE shares. Guggenheim cut their price target on shares of ALLETE from $66.00 to $53.00 in a research report on Monday, October 24th. TheStreet raised shares of ALLETE from a “c+” rating to a “b-” rating in a research report on Friday, December 2nd. Wells Fargo & Company lifted their price target on ALLETE from $60.00 to $67.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 14th. JPMorgan Chase & Co. raised shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 target price for the company in a research note on Thursday, November 17th. Finally, Bank of America upgraded shares of ALLETE from a “neutral” rating to a “buy” rating and increased their price target for the company from $53.00 to $66.00 in a report on Monday, November 14th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $63.20.

ALLETE Stock Down 0.2 %

Shares of NYSE ALE opened at $63.53 on Friday. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 17.26, a P/E/G ratio of 1.75 and a beta of 0.74. ALLETE, Inc. has a 12-month low of $47.77 and a 12-month high of $68.46. The firm’s 50-day moving average price is $64.95 and its 200-day moving average price is $60.03. The company has a current ratio of 1.02, a quick ratio of 0.35 and a debt-to-equity ratio of 0.49.

ALLETE (NYSE:ALE – Get Rating) last announced its quarterly earnings data on Wednesday, November 9th. The utilities provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.11). The business had revenue of $388.30 million during the quarter, compared to the consensus estimate of $361.20 million. ALLETE had a net margin of 12.92% and a return on equity of 6.23%. On average, equities research analysts anticipate that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Monday, November 14th. ALLETE’s payout ratio is 70.65%.

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.