Parametric Portfolio Associates LLC increased its stake in shares of ALLETE Inc (NYSE:ALE) by 16.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 149,396 shares of the utilities provider’s stock after buying an additional 21,651 shares during the period. Parametric Portfolio Associates LLC’s holdings in ALLETE were worth $12,285,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in ALE. First Trust Advisors LP increased its position in ALLETE by 7.8% during the first quarter. First Trust Advisors LP now owns 378,665 shares of the utilities provider’s stock worth $31,138,000 after purchasing an additional 27,531 shares during the last quarter. Martingale Asset Management L P grew its stake in ALLETE by 31.0% during the first quarter. Martingale Asset Management L P now owns 132,432 shares of the utilities provider’s stock worth $10,891,000 after buying an additional 31,317 shares during the period. Piedmont Investment Advisors Inc. purchased a new stake in ALLETE during the first quarter worth approximately $242,000. New York State Common Retirement Fund grew its stake in ALLETE by 0.4% during the first quarter. New York State Common Retirement Fund now owns 200,678 shares of the utilities provider’s stock worth $16,502,000 after buying an additional 835 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its stake in ALLETE by 1.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 20,526 shares of the utilities provider’s stock worth $1,688,000 after buying an additional 390 shares during the period. 71.75% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Madeleine W. Ludlow sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $82.51, for a total value of $165,020.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn W. Dindo sold 735 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $82.03, for a total transaction of $60,292.05. The disclosure for this sale can be found here. Insiders sold 9,620 shares of company stock valued at $792,140 over the last 90 days. Insiders own 0.43% of the company’s stock.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.01). The business had revenue of $357.20 million for the quarter, compared to analysts’ expectations of $364.00 million. ALLETE had a return on equity of 9.11% and a net margin of 12.93%. ALLETE’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.99 earnings per share. Research analysts anticipate that ALLETE Inc will post 3.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th were paid a $0.5875 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $2.35 annualized dividend and a dividend yield of 2.77%. ALLETE’s dividend payout ratio (DPR) is presently 65.10%.
Several equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Finally, Williams Capital upgraded shares of ALLETE from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $69.00 to $76.00 in a research note on Tuesday, February 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. ALLETE has an average rating of “Hold” and a consensus target price of $79.06.
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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, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility 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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