New York Life Investment Management LLC trimmed its stake in shares of ALLETE, Inc. (NYSE:ALE – Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 7,393 shares of the utilities provider’s stock after selling 1,078 shares during the quarter. New York Life Investment Management LLC’s holdings in ALLETE were worth $476,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of ALE. CI Investments Inc. bought a new stake in shares of ALLETE during the 4th quarter worth $40,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of ALLETE by 921.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 715 shares of the utilities provider’s stock worth $46,000 after buying an additional 645 shares during the last quarter. M&R Capital Management Inc. bought a new stake in shares of ALLETE during the 1st quarter worth $58,000. EverSource Wealth Advisors LLC bought a new stake in shares of ALLETE during the 4th quarter worth $60,000. Finally, Covestor Ltd lifted its position in shares of ALLETE by 82.4% during the 1st 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 last quarter. 76.40% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Bank of America downgraded ALLETE from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 27th. Mizuho lowered their target price on ALLETE from $64.00 to $58.00 in a report on Wednesday, August 9th. Guggenheim lowered their target price on ALLETE from $54.00 to $49.00 in a report on Friday, July 7th. Finally, StockNews.com started coverage on ALLETE in a report on Thursday. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $60.83.
ALLETE Trading Up 0.6 %
Shares of ALE stock opened at $55.28 on Thursday. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 1.90 and a beta of 0.72. The stock has a 50-day moving average of $58.12 and a 200-day moving average of $60.79. The company has a current ratio of 1.17, a quick ratio of 0.66 and a debt-to-equity ratio of 0.50. ALLETE, Inc. has a 1-year low of $47.77 and a 1-year high of $67.45.
ALLETE (NYSE:ALE – Get Free Report) last issued its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The company had revenue of $533.40 million during the quarter, compared to analysts’ expectations of $446.41 million. ALLETE had a return on equity of 5.81% and a net margin of 10.20%. The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 earnings per share. On average, equities research analysts forecast that ALLETE, Inc. will post 3.63 earnings per share for the current year.
ALLETE Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a dividend of $0.678 per share. The ex-dividend date is Monday, August 14th. This represents a $2.71 annualized dividend and a yield of 4.91%. ALLETE’s dividend payout ratio is currently 79.47%.
ALLETE Company Profile
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.
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