Vanguard Group Inc. increased its stake in Allete, Inc. (NYSE:ALE) by 5.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,787,849 shares of the utilities provider’s stock after buying an additional 265,592 shares during the period. Vanguard Group Inc.’s holdings in Allete were worth $324,185,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its position in shares of Allete by 0.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock valued at $763,000 after buying an additional 60 shares in the last quarter. World Asset Management Inc boosted its position in Allete by 2.7% in the first quarter. World Asset Management Inc now owns 3,203 shares of the utilities provider’s stock worth $217,000 after buying an additional 84 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in Allete by 0.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,399 shares of the utilities provider’s stock worth $1,381,000 after buying an additional 130 shares in the last quarter. Texas Permanent School Fund boosted its position in Allete by 0.4% in the first quarter. Texas Permanent School Fund now owns 36,236 shares of the utilities provider’s stock worth $2,454,000 after buying an additional 162 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares in the last quarter. Institutional investors and hedge funds own 72.32% of the company’s stock.
Allete, Inc. (NYSE ALE) traded down 0.12% during trading on Friday, reaching $72.57. The company had a trading volume of 188,292 shares. The stock has a 50 day moving average price of $72.18 and a 200-day moving average price of $68.87. The company has a market capitalization of $3.69 billion, a PE ratio of 22.79 and a beta of 0.48. Allete, Inc. has a 52-week low of $56.48 and a 52-week high of $74.59.
Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, May 4th. The utilities provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.03. The firm had revenue of $365.60 million during the quarter, compared to analysts’ expectations of $338 million. Allete had a net margin of 11.55% and a return on equity of 8.78%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. On average, equities research analysts anticipate that Allete, Inc. will post $3.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a $0.535 dividend. This represents a $2.14 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, August 11th. Allete’s dividend payout ratio (DPR) is presently 67.51%.
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ALE has been the topic of a number of research analyst reports. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a research report on Tuesday, April 25th. Williams Capital boosted their target price on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Ladenburg Thalmann Financial Services boosted their target price on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Finally, BidaskClub lowered Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Allete currently has an average rating of “Buy” and a consensus target price of $75.38.
In other news, insider Steven Q. Devinck sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total value of $139,340.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by company insiders.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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