Invenomic Capital Management LP Has $6.03 Million Position in ALLETE, Inc. (NYSE:ALE)

Invenomic Capital Management LP decreased its stake in ALLETE, Inc. (NYSE:ALEFree Report) by 18.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 98,601 shares of the utilities provider’s stock after selling 22,386 shares during the quarter. Invenomic Capital Management LP owned approximately 0.17% of ALLETE worth $6,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ALE. Principal Securities Inc. acquired a new stake in shares of ALLETE in the fourth quarter worth about $25,000. Allworth Financial LP grew its position in ALLETE by 131.2% during the fourth quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock worth $29,000 after buying an additional 265 shares in the last quarter. Parallel Advisors LLC grew its position in ALLETE by 139.4% during the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after buying an additional 407 shares in the last quarter. Spire Wealth Management raised its holdings in ALLETE by 381.3% in the 3rd quarter. Spire Wealth Management now owns 900 shares of the utilities provider’s stock valued at $48,000 after acquiring an additional 713 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of ALLETE in the 4th quarter worth approximately $77,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE Stock Down 0.0 %

Shares of ALE opened at $62.87 on Tuesday. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.11 and a beta of 0.79. ALLETE, Inc. has a 52 week low of $49.29 and a 52 week high of $65.86. 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 business’s fifty day moving average price is $61.28 and its two-hundred day moving average price is $59.81.

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

ALLETE Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. 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 report on Wednesday, February 21st. StockNews.com initiated coverage on shares of ALLETE in a research note on Saturday. They issued a “hold” rating on the stock. Finally, Mizuho increased their price target on shares of ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.40.

Get Our Latest Stock Analysis on ALLETE

About ALLETE

(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.

See Also

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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