Raymond James Financial Services Advisors Inc. Has $1.07 Million Stake in ALLETE, Inc. (NYSE:ALE)

Posted by Defense World Staff on Oct 28th, 2023

Raymond James Financial Services Advisors Inc. boosted its position in shares of ALLETE, Inc. (NYSE:ALE – Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,427 shares of the utilities provider’s stock after purchasing an additional 225 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in ALLETE were worth $1,068,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Creative Planning boosted its holdings in shares of ALLETE by 4.4% during the second quarter. Creative Planning now owns 4,901 shares of the utilities provider’s stock worth $284,000 after purchasing an additional 205 shares during the period. Belpointe Asset Management LLC boosted its stake in shares of ALLETE by 105.4% during the 1st quarter. Belpointe Asset Management LLC now owns 460 shares of the utilities provider’s stock valued at $30,000 after buying an additional 236 shares during the period. Yousif Capital Management LLC grew its holdings in shares of ALLETE by 1.2% during the 1st quarter. Yousif Capital Management LLC now owns 27,389 shares of the utilities provider’s stock valued at $1,835,000 after acquiring an additional 324 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of ALLETE by 3.5% in the first quarter. Federated Hermes Inc. now owns 9,714 shares of the utilities provider’s stock worth $651,000 after acquiring an additional 327 shares during the last quarter. Finally, Citigroup Inc. raised its holdings in shares of ALLETE by 4.4% during the first quarter. Citigroup Inc. now owns 8,016 shares of the utilities provider’s stock worth $516,000 after acquiring an additional 340 shares in the last quarter. 75.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Guggenheim dropped their target price on ALLETE from $49.00 to $41.00 in a research report on Monday, October 9th. StockNews.com began coverage on ALLETE in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Mizuho cut their price objective on shares of ALLETE from $64.00 to $58.00 in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $59.50.

View Our Latest Report on ALLETE

ALLETE Stock Down 2.2 %

ALE opened at $52.59 on Friday. The firm has a market cap of $3.02 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 1.80 and a beta of 0.73. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.66 and a current ratio of 1.17. The business has a 50 day moving average price of $54.32 and a 200 day moving average price of $57.98. ALLETE, Inc. has a twelve month low of $49.29 and a twelve month high of $67.45.

ALLETE (NYSE:ALE – Get Free Report) last issued its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. ALLETE had a net margin of 10.20% and a return on equity of 5.81%. The business had revenue of $533.40 million during the quarter, compared to analysts’ expectations of $446.41 million. During the same period in the previous year, the company earned $0.67 earnings per share. ALLETE’s revenue for the quarter was up 43.0% on a year-over-year basis. Research analysts forecast that ALLETE, Inc. will post 3.67 EPS for the current year.

ALLETE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a $0.678 dividend. The ex-dividend date was Monday, August 14th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 5.16%. ALLETE’s payout ratio is presently 79.47%.

About ALLETE

(Free Report)

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.