3,116 Shares in ALLETE, Inc. (NYSE:ALE) Acquired by Alerus Financial NA

Posted by on Jun 13th, 2023

Alerus Financial NA acquired a new position in ALLETE, Inc. (NYSE:ALE – Get Rating) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,116 shares of the utilities provider’s stock, valued at approximately $201,000.

Other hedge funds also recently added to or reduced their stakes in the company. Affiance Financial LLC purchased a new position in ALLETE in the fourth quarter worth approximately $34,000. Quadrant Capital Group LLC grew its position in ALLETE by 41.8% in the third quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 166 shares during the period. CI Investments Inc. purchased a new position in shares of ALLETE during the fourth quarter worth $40,000. EverSource Wealth Advisors LLC purchased a new position in shares of ALLETE during the fourth quarter worth $60,000. Finally, Covestor Ltd boosted its position in shares of ALLETE by 82.4% during the first quarter. Covestor Ltd now owns 1,662 shares of the utilities provider’s stock worth $111,000 after buying an additional 751 shares during the period. 77.52% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE Stock Down 1.2 %

ALLETE stock opened at $60.68 on Tuesday. ALLETE, Inc. has a 1-year low of $47.77 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.23 and a quick ratio of 0.48. The stock has a market cap of $3.48 billion, a PE ratio of 19.08, a P/E/G ratio of 2.03 and a beta of 0.74. The stock’s fifty day moving average is $62.47 and its two-hundred day moving average is $63.02.

ALLETE (NYSE:ALE – Get Rating) last posted 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). ALLETE had a net margin of 10.34% and a return on equity of 5.40%. The business had revenue of $564.90 million during the quarter, compared to analyst estimates of $376.00 million. During the same quarter in the prior year, the business earned $1.24 earnings per share. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. On average, sell-side analysts expect that ALLETE, Inc. will post 3.69 EPS for the current fiscal year.

ALLETE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Monday, May 15th were given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend was Friday, May 12th. ALLETE’s dividend payout ratio (DPR) is currently 85.22%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Sidoti upgraded ALLETE from a “neutral” rating to a “buy” rating and set a $74.00 price target for the company in a research report on Thursday, April 6th. StockNews.com initiated coverage on ALLETE in a research report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Bank of America cut ALLETE from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $66.00 to $63.00 in a research note on Friday, May 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $64.17.

ALLETE Profile

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ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. The company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.

See Also

Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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