American International Group Inc. Trims Stock Position in ALLETE, Inc. (NYSE:ALE)

American International Group Inc. cut its position in shares of ALLETE, Inc. (NYSE:ALEFree Report) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,917 shares of the utilities provider’s stock after selling 3,335 shares during the period. American International Group Inc. owned approximately 0.18% of ALLETE worth $6,478,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in ALLETE by 2.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock worth $54,355,000 after purchasing an additional 24,690 shares during the period. Boston Partners raised its stake in shares of ALLETE by 23.6% in the 4th quarter. Boston Partners now owns 19,120 shares of the utilities provider’s stock valued at $1,169,000 after acquiring an additional 3,647 shares during the period. Gilliland Jeter Wealth Management LLC purchased a new stake in shares of ALLETE in the 4th quarter valued at approximately $801,000. Alps Advisors Inc. raised its stake in shares of ALLETE by 41.4% in the 3rd quarter. Alps Advisors Inc. now owns 8,976 shares of the utilities provider’s stock valued at $474,000 after acquiring an additional 2,626 shares during the period. Finally, Gotham Asset Management LLC raised its stake in shares of ALLETE by 102.9% in the 3rd quarter. Gotham Asset Management LLC now owns 42,446 shares of the utilities provider’s stock valued at $2,241,000 after acquiring an additional 21,528 shares during the period. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Trading Down 0.0 %

Shares of ALE stock opened at $62.87 on Tuesday. 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 stock has a market capitalization of $3.62 billion, a P/E ratio of 15.11 and a beta of 0.79. The company has a 50 day moving average price of $61.28 and a 200 day moving average price of $59.81. ALLETE, Inc. has a fifty-two week low of $49.29 and a fifty-two week high of $65.86.

ALLETE (NYSE:ALEGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). The business had revenue of $403.30 million during the quarter, compared to analyst estimates of $581.26 million. ALLETE had a net margin of 13.94% and a return on equity of 7.21%. Equities research analysts predict that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.705 per share. This represents a $2.82 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.

Analyst Ratings Changes

A number of research firms have recently issued reports on ALE. Mizuho boosted their price target on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. StockNews.com began coverage on shares of ALLETE in a research note on Saturday. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company boosted their price target on shares of ALLETE from $57.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.40.

Get Our Latest Stock 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.

Further Reading

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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