First Trust Advisors LP Sells 154,124 Shares of ALLETE, Inc. (NYSE:ALE)

First Trust Advisors LP reduced its stake in shares of ALLETE, Inc. (NYSE:ALEFree Report) by 10.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,253,571 shares of the utilities provider’s stock after selling 154,124 shares during the period. First Trust Advisors LP owned about 2.18% of ALLETE worth $76,668,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Arizona State Retirement System grew its holdings in ALLETE by 1.4% during the third quarter. Arizona State Retirement System now owns 16,319 shares of the utilities provider’s stock worth $862,000 after buying an additional 221 shares in the last quarter. Independent Advisor Alliance raised its holdings in shares of ALLETE by 6.3% in the fourth quarter. Independent Advisor Alliance now owns 4,213 shares of the utilities provider’s stock valued at $258,000 after purchasing an additional 249 shares during the last quarter. Allworth Financial LP lifted its position in shares of ALLETE by 131.2% during the fourth quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in ALLETE by 1.3% during the fourth quarter. New York State Common Retirement Fund now owns 23,604 shares of the utilities provider’s stock worth $1,444,000 after purchasing an additional 295 shares during the last quarter. Finally, Huntington National Bank grew its position in ALLETE by 18.8% in the 3rd quarter. Huntington National Bank now owns 2,096 shares of the utilities provider’s stock worth $111,000 after purchasing an additional 332 shares in the last quarter. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Stock Up 0.7 %

ALE stock opened at $63.51 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.66. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.27 and a beta of 0.79. ALLETE, Inc. has a fifty-two week low of $49.29 and a fifty-two week high of $65.86. The stock has a fifty day moving average of $61.05 and a 200-day moving average of $59.64.

ALLETE (NYSE:ALEGet Free Report) last issued its earnings results on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.12). ALLETE had a return on equity of 7.21% and a net margin of 13.94%. The company had revenue of $403.30 million during the quarter, compared to the consensus estimate of $581.26 million. As a group, equities research analysts predict that ALLETE, Inc. will post 3.75 earnings per share for the current year.

ALLETE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were paid a $0.705 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $2.82 annualized dividend and a yield of 4.44%. ALLETE’s dividend payout ratio is currently 67.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their target price on ALLETE from $57.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 21st. StockNews.com started coverage on ALLETE in a report on Friday, May 31st. They set a “hold” rating for the company. Finally, Mizuho increased their price objective on ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, ALLETE has a consensus rating of “Hold” and a consensus price target of $60.40.

Get Our Latest Report on ALE

ALLETE Profile

(Free Report)

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. In addition, 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 150,000 retail customers and 14 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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