ALLETE, Inc. (NYSE:ALE) Stake Increased by Kestra Advisory Services LLC

Kestra Advisory Services LLC increased its holdings in ALLETE, Inc. (NYSE:ALEGet Rating) by 100.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,361 shares of the utilities provider’s stock after acquiring an additional 11,698 shares during the period. Kestra Advisory Services LLC’s holdings in ALLETE were worth $1,169,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Great West Life Assurance Co. Can purchased a new position in shares of ALLETE during the 3rd quarter valued at $1,821,000. SG Americas Securities LLC grew its stake in ALLETE by 2,112.8% in the third quarter. SG Americas Securities LLC now owns 60,741 shares of the utilities provider’s stock valued at $3,040,000 after purchasing an additional 57,996 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in ALLETE by 7.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 40,075 shares of the utilities provider’s stock worth $2,006,000 after purchasing an additional 2,901 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of ALLETE by 6.1% during the 3rd quarter. Van ECK Associates Corp now owns 11,569 shares of the utilities provider’s stock worth $579,000 after purchasing an additional 670 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of ALLETE by 109.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 107,577 shares of the utilities provider’s stock valued at $5,384,000 after buying an additional 56,306 shares during the last quarter. Institutional investors and hedge funds own 77.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. TheStreet raised shares of ALLETE from a “c+” rating to a “b-” rating in a research report on Friday, December 2nd. JPMorgan Chase & Co. raised shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price objective for the company in a research note on Thursday, November 17th. Wells Fargo & Company upped their price objective on shares of ALLETE from $60.00 to $67.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 14th. Guggenheim lowered ALLETE from a “neutral” rating to a “sell” rating and raised their target price for the company from $53.00 to $54.00 in a report on Monday. Finally, StockNews.com raised ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, November 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $63.20.

ALLETE Stock Performance

Shares of ALE opened at $62.29 on Wednesday. The company has a market capitalization of $3.56 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.02 and a quick ratio of 0.35. ALLETE, Inc. has a one year low of $47.77 and a one year high of $68.46. The company’s fifty day moving average price is $65.01 and its 200 day moving average price is $60.15.

ALLETE (NYSE:ALEGet Rating) last issued its quarterly earnings results on Wednesday, November 9th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate 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. As a group, analysts expect that ALLETE, Inc. will post 3.75 earnings per share for the current year.

ALLETE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Stockholders 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 annualized dividend and a dividend yield of 4.17%. ALLETE’s dividend payout ratio is 70.65%.

ALLETE Profile

(Get Rating)

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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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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