Jefferies Group LLC purchased a new stake in ALLETE Inc (NYSE:ALE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,520 shares of the utilities provider’s stock, valued at approximately $410,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Rocky Mountain Advisers LLC bought a new stake in shares of ALLETE in the third quarter valued at approximately $108,000. Resources Investment Advisors Inc. bought a new stake in shares of ALLETE in the fourth quarter valued at approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ALLETE by 48.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 873 shares during the period. Yorktown Management & Research Co Inc bought a new stake in shares of ALLETE in the third quarter valued at approximately $224,000. Finally, Charter Research & Investment Group Inc. bought a new stake in ALLETE during the 4th quarter worth approximately $223,000. 73.47% of the stock is currently owned by institutional investors.
ALE has been the topic of a number of analyst reports. Mizuho initiated coverage on shares of ALLETE in a report on Wednesday, February 28th. They set a “buy” rating and a $71.50 target price on the stock. Williams Capital raised shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Friday, February 2nd. Wells Fargo set a $71.00 target price on shares of ALLETE and gave the stock a “hold” rating in a report on Tuesday, February 13th. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Guggenheim reaffirmed a “hold” rating and set a $63.00 target price on shares of ALLETE in a report on Friday, February 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. ALLETE has a consensus rating of “Hold” and a consensus price target of $73.07.
ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.62 EPS for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.13). The company had revenue of $337.90 million during the quarter, compared to the consensus estimate of $348.00 million. ALLETE had a return on equity of 8.40% and a net margin of 12.13%. ALLETE’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. analysts forecast that ALLETE Inc will post 3.34 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were issued a $0.56 dividend. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, February 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.19%. ALLETE’s dividend payout ratio is presently 66.27%.
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ALLETE Company Profile
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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