Putnam Investments LLC Sells 368 Shares of ALLETE, Inc. (NYSE:ALE)

Posted by Defense World Staff on Mar 14th, 2023

Putnam Investments LLC lessened its stake in shares of ALLETE, Inc. (NYSE:ALE – Get Rating) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,325 shares of the utilities provider’s stock after selling 368 shares during the quarter. Putnam Investments LLC’s holdings in ALLETE were worth $1,018,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its stake in ALLETE by 41.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 166 shares during the period. SeaCrest Wealth Management LLC bought a new stake in ALLETE during the 2nd quarter valued at approximately $29,000. BerganKDV Wealth Management LLC boosted its stake in ALLETE by 73.8% during the 3rd quarter. BerganKDV Wealth Management LLC now owns 944 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 401 shares during the period. Signaturefd LLC boosted its stake in ALLETE by 45.6% during the 3rd quarter. Signaturefd LLC now owns 1,300 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 407 shares during the period. Finally, CNB Bank bought a new stake in ALLETE during the 2nd quarter valued at approximately $82,000. Institutional investors own 77.52% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ALE shares. JPMorgan Chase & Co. upgraded ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 target price for the company in a research note on Thursday, November 17th. StockNews.com cut ALLETE from a “hold” rating to a “sell” rating in a report on Thursday, March 2nd. Wells Fargo & Company cut their price target on ALLETE from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, January 30th. Bank of America raised ALLETE from a “neutral” rating to a “buy” rating and upped their price target for the company from $53.00 to $66.00 in a report on Monday, November 14th. Finally, Mizuho cut their price target on ALLETE from $66.00 to $64.00 and set a “neutral” rating for the company in a report on Tuesday, January 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, ALLETE presently has a consensus rating of “Hold” and an average target price of $62.80.

ALLETE Trading Up 1.4 %

Shares of ALE opened at $61.15 on Tuesday. ALLETE, Inc. has a 1 year low of $47.77 and a 1 year high of $68.46. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $62.44 and a 200-day simple moving average of $60.25. The stock has a market cap of $3.50 billion, a PE ratio of 17.99, a PEG ratio of 1.75 and a beta of 0.72.

ALLETE (NYSE:ALE – Get Rating) last issued its earnings results on Thursday, February 16th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.21). ALLETE had a return on equity of 5.73% and a net margin of 12.05%. The company had revenue of $425.80 million during the quarter, compared to analyst estimates of $404.81 million. During the same period in the previous year, the company posted $1.18 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. On average, sell-side analysts predict that ALLETE, Inc. will post 3.61 EPS for the current fiscal year.

ALLETE Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Wednesday, February 15th were issued a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 4.43%. This is a boost from ALLETE’s previous quarterly dividend of $0.65. The ex-dividend date was Tuesday, February 14th. ALLETE’s dividend payout ratio (DPR) is currently 79.71%.

ALLETE Company Profile

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ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and Corporate and Other. The Regulated Operations segment includes regulated utilities, Minnesota Power, SWL&P, and investment in ATC, which regulates utilities that own and maintain electric transmission assets.

Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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