Cambridge Investment Research Advisors Inc. Purchases New Holdings in ALLETE Inc (ALE)

Cambridge Investment Research Advisors Inc. purchased a new stake in ALLETE Inc (NYSE:ALE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,710 shares of the utilities provider’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALE. Meeder Asset Management Inc. purchased a new stake in shares of ALLETE during the second quarter valued at approximately $114,000. Eqis Capital Management Inc. purchased a new stake in shares of ALLETE during the second quarter valued at approximately $201,000. Zeke Capital Advisors LLC purchased a new stake in shares of ALLETE during the second quarter valued at approximately $202,000. Twele Capital Management Inc. purchased a new stake in shares of ALLETE during the second quarter valued at approximately $210,000. Finally, Levin Capital Strategies L.P. purchased a new stake in shares of ALLETE during the second quarter valued at approximately $210,000. Hedge funds and other institutional investors own 73.24% of the company’s stock.

Shares of NYSE:ALE opened at $75.49 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.21 and a quick ratio of 0.80. The firm has a market capitalization of $3.95 billion, a P/E ratio of 23.66, a P/E/G ratio of 3.83 and a beta of 0.18. ALLETE Inc has a 12-month low of $66.64 and a 12-month high of $81.24.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.11). The company had revenue of $344.10 million during the quarter, compared to the consensus estimate of $343.00 million. ALLETE had a return on equity of 8.04% and a net margin of 12.02%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. equities research analysts predict that ALLETE Inc will post 3.34 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Wednesday, August 15th were paid a $0.56 dividend. The ex-dividend date was Tuesday, August 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.97%. ALLETE’s dividend payout ratio (DPR) is presently 70.22%.

A number of research firms have recently issued reports on ALE. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Saturday, July 14th. Guggenheim reiterated a “hold” rating and set a $71.00 price objective on shares of ALLETE in a research note on Monday, July 23rd. Wells Fargo & Co lifted their price objective on shares of ALLETE from $76.00 to $77.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, Williams Capital lowered shares of ALLETE from a “buy” rating to a “hold” rating and dropped their price objective for the company from $76.00 to $73.00 in a research note on Monday, June 11th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. ALLETE has an average rating of “Hold” and an average price target of $74.50.

In related news, Chairman Alan R. Hodnik sold 4,000 shares of ALLETE stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total value of $302,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James J. Hoolihan sold 800 shares of ALLETE stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $77.62, for a total transaction of $62,096.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,600 shares of company stock valued at $426,088. Insiders own 0.41% of the company’s stock.

ALLETE Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.

Further Reading: What is a Leveraged Buyout (LBO)?

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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