ALLETE Inc (ALE) Shares Sold by Glenmede Trust Co. NA

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Glenmede Trust Co. NA lowered its stake in shares of ALLETE Inc (NYSE:ALE) by 9.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 378,310 shares of the utilities provider’s stock after selling 37,219 shares during the period. Glenmede Trust Co. NA’s holdings in ALLETE were worth $29,286,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALE. Westwood Holdings Group Inc. increased its position in shares of ALLETE by 110.7% during the first quarter. Westwood Holdings Group Inc. now owns 1,137,420 shares of the utilities provider’s stock valued at $82,179,000 after buying an additional 597,594 shares during the period. Millennium Management LLC increased its position in shares of ALLETE by 85.7% during the second quarter. Millennium Management LLC now owns 535,829 shares of the utilities provider’s stock valued at $41,479,000 after buying an additional 247,338 shares during the period. BlackRock Inc. increased its position in shares of ALLETE by 3.3% during the second quarter. BlackRock Inc. now owns 5,842,142 shares of the utilities provider’s stock valued at $452,239,000 after buying an additional 185,088 shares during the period. Sei Investments Co. increased its position in shares of ALLETE by 2,720.3% during the second quarter. Sei Investments Co. now owns 142,116 shares of the utilities provider’s stock valued at $11,001,000 after buying an additional 137,077 shares during the period. Finally, Northern Trust Corp increased its position in shares of ALLETE by 10.3% during the first quarter. Northern Trust Corp now owns 1,406,613 shares of the utilities provider’s stock valued at $101,627,000 after buying an additional 131,876 shares during the period. Institutional investors own 73.25% of the company’s stock.

Several brokerages recently issued reports on ALE. Wells Fargo & Co boosted their price target on shares of ALLETE from $76.00 to $77.00 and gave the company a “market perform” rating in a research report on Monday. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Williams Capital cut shares of ALLETE from a “buy” rating to a “hold” rating and reduced their price target for the company from $76.00 to $73.00 in a research report on Monday, June 11th. Finally, Guggenheim reiterated a “hold” rating and set a $71.00 price target on shares of ALLETE in a research report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $74.50.

Shares of ALE opened at $76.11 on Friday. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 23.86, a price-to-earnings-growth ratio of 3.73 and a beta of 0.18. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21. ALLETE Inc has a fifty-two week low of $66.64 and a fifty-two week high of $81.24.

ALLETE (NYSE:ALE) last announced its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The business had revenue of $344.10 million during the quarter, compared to analysts’ expectations of $343.00 million. ALLETE had a return on equity of 8.04% and a net margin of 12.02%. ALLETE’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 EPS. equities analysts predict that ALLETE Inc will post 3.34 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Wednesday, August 15th were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Tuesday, August 14th. ALLETE’s dividend payout ratio (DPR) is presently 70.22%.

In other ALLETE news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $77.62, for a total value of $62,096.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Alan R. Hodnik sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $75.70, for a total transaction of $302,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,400 shares of company stock worth $487,864. Corporate insiders own 0.42% of the company’s stock.

ALLETE Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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