Texas Permanent School Fund decreased its holdings in ALLETE, Inc. (NYSE:ALE – Get Rating) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,429 shares of the utilities provider’s stock after selling 2,618 shares during the period. Texas Permanent School Fund owned about 0.07% of ALLETE worth $2,479,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of the business. State Board of Administration of Florida Retirement System grew its stake in shares of ALLETE by 5.1% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 12,689 shares of the utilities provider’s stock worth $819,000 after purchasing an additional 620 shares in the last quarter. Horizon Investment Services LLC acquired a new position in ALLETE during the fourth quarter worth about $216,000. Fox Run Management L.L.C. acquired a new position in ALLETE during the fourth quarter worth about $484,000. Commonwealth Equity Services LLC grew its position in ALLETE by 15.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,720 shares of the utilities provider’s stock worth $756,000 after buying an additional 1,527 shares during the period. Finally, LPL Financial LLC grew its position in shares of ALLETE by 14.8% in the fourth quarter. LPL Financial LLC now owns 6,993 shares of the utilities provider’s stock valued at $451,000 after purchasing an additional 899 shares during the last quarter. Institutional investors and hedge funds own 77.52% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently commented on the stock. Bank of America lowered shares of ALLETE from a “buy” rating to a “neutral” rating and lowered their price target for the company from $66.00 to $63.00 in a research report on Friday, May 5th. Sidoti raised shares of ALLETE from a “neutral” rating to a “buy” rating and set a $74.00 target price on the stock in a research note on Thursday, April 6th. Guggenheim lowered shares of ALLETE from a “neutral” rating to a “sell” rating and raised their price target for the company from $53.00 to $54.00 in a report on Monday, January 23rd. StockNews.com raised shares of ALLETE from a “sell” rating to a “hold” rating in a report on Thursday, April 6th. Finally, Mizuho dropped their target price on shares of ALLETE from $66.00 to $64.00 and set a “neutral” rating for the company in a research report on Tuesday, January 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $64.17.
ALLETE Price Performance
ALLETE (NYSE:ALE – Get Rating) last issued its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.17). The company had revenue of $564.90 million during the quarter, compared to analyst estimates of $376.00 million. ALLETE had a return on equity of 5.40% and a net margin of 10.34%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 earnings per share. Analysts forecast that ALLETE, Inc. will post 3.69 EPS for the current year.
ALLETE Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 15th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Friday, May 12th. ALLETE’s dividend payout ratio is presently 85.22%.
ALLETE Company Profile
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.
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