Strs Ohio reduced its position in ALLETE, Inc. (NYSE:ALE – Get Rating) by 7.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,900 shares of the utilities provider’s stock after selling 300 shares during the quarter. Strs Ohio’s holdings in ALLETE were worth $195,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. SeaCrest Wealth Management LLC acquired a new stake in ALLETE during the 2nd quarter worth approximately $29,000. Venture Visionary Partners LLC acquired a new stake in shares of ALLETE in the second quarter valued at $51,000. BerganKDV Wealth Management LLC boosted its holdings in ALLETE by 73.8% in the third quarter. BerganKDV Wealth Management LLC now owns 944 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 401 shares during the period. CWM LLC boosted its holdings in ALLETE by 23.1% in the second quarter. CWM LLC now owns 1,081 shares of the utilities provider’s stock valued at $64,000 after purchasing an additional 203 shares during the period. Finally, CNB Bank acquired a new position in ALLETE during the 2nd quarter worth $82,000. 77.52% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have issued reports on ALE shares. JPMorgan Chase & Co. raised ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price target on the stock in a research report on Thursday, November 17th. Guggenheim decreased their price target on shares of ALLETE from $66.00 to $53.00 in a research note on Monday, October 24th. Mizuho increased their price objective on shares of ALLETE from $50.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 9th. Wells Fargo & Company raised their price objective on shares of ALLETE from $60.00 to $67.00 and gave the company an “equal weight” rating in a report on Wednesday, December 14th. Finally, TheStreet upgraded shares of ALLETE from a “c+” rating to a “b-” rating in a research note on Friday, December 2nd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $63.20.
ALLETE Stock Up 1.0 %
ALLETE (NYSE:ALE – Get Rating) last announced its quarterly earnings results on Wednesday, November 9th. The utilities provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.11). ALLETE had a return on equity of 6.23% and a net margin of 12.92%. The company had revenue of $388.30 million for the quarter, compared to analyst estimates of $361.20 million. On average, equities analysts predict that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.
ALLETE Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Tuesday, November 15th were given a $0.65 dividend. The ex-dividend date was Monday, November 14th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.05%. ALLETE’s dividend payout ratio (DPR) is presently 70.65%.
ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities, Minnesota Power, SWL&P, and investment in ATC, which regulates utilities that own and maintain electric transmission assets.
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