Algert Global LLC Acquires 5,808 Shares of ALLETE, Inc. (NYSE:ALE)

Algert Global LLC increased its holdings in ALLETE, Inc. (NYSE:ALE) by 16.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,988 shares of the utilities provider’s stock after acquiring an additional 5,808 shares during the quarter. Algert Global LLC owned about 0.07% of ALLETE worth $2,556,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of ALLETE by 139.4% during the 4th quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 407 shares in the last quarter. Lazard Asset Management LLC boosted its position in ALLETE by 4,157.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock valued at $71,000 after acquiring an additional 1,164 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in ALLETE during the 2nd quarter valued at approximately $74,000. Hantz Financial Services Inc. purchased a new position in shares of ALLETE during the 2nd quarter worth approximately $75,000. Finally, Clear Street Markets LLC bought a new position in shares of ALLETE in the 4th quarter worth approximately $92,000. Institutional investors own 76.55% of the company’s stock.

Analyst Ratings Changes

ALE has been the topic of several research reports. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday. StockNews.com started coverage on shares of ALLETE in a report on Saturday. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ALLETE currently has an average rating of “Hold” and an average target price of $62.00.

ALLETE Stock Down 0.1 %

ALE stock opened at $64.12 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average of $63.87 and a 200 day moving average of $62.38. ALLETE, Inc. has a twelve month low of $49.29 and a twelve month high of $65.86. The firm has a market cap of $3.70 billion, a PE ratio of 15.41 and a beta of 0.80.

ALLETE (NYSE:ALE) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.30). The company had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. ALLETE had a return on equity of 7.07% and a net margin of 14.36%. ALLETE’s revenue for the quarter was down 33.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS.

ALLETE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.7005 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 annualized dividend and a dividend yield of 4.37%. ALLETE’s dividend payout ratio is presently 67.79%.

About ALLETE

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. In addition, 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.