City Center Advisors LLC Sells 1,194 Shares of ALLETE, Inc. (NYSE:ALE)

City Center Advisors LLC cut its stake in shares of ALLETE, Inc. (NYSE:ALE) by 24.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,760 shares of the utilities provider’s stock after selling 1,194 shares during the period. City Center Advisors LLC’s holdings in ALLETE were worth $241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of ALE. Capstone Investment Advisors LLC acquired a new stake in shares of ALLETE in the 1st quarter worth $854,000. Boston Partners boosted its holdings in ALLETE by 59.2% in the 1st quarter. Boston Partners now owns 30,441 shares of the utilities provider’s stock worth $1,816,000 after buying an additional 11,321 shares during the last quarter. SG Americas Securities LLC boosted its holdings in ALLETE by 167.1% in the 1st quarter. SG Americas Securities LLC now owns 34,723 shares of the utilities provider’s stock worth $2,071,000 after buying an additional 21,725 shares during the last quarter. Sei Investments Co. boosted its holdings in ALLETE by 2.7% in the 1st quarter. Sei Investments Co. now owns 308,300 shares of the utilities provider’s stock worth $18,387,000 after buying an additional 7,981 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of ALLETE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock worth $394,548,000 after purchasing an additional 35,992 shares during the last quarter. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE Trading Down 0.2 %

NYSE ALE opened at $63.99 on Wednesday. The stock has a market capitalization of $3.70 billion, a P/E ratio of 15.38 and a beta of 0.80. ALLETE, Inc. has a 52-week low of $52.14 and a 52-week high of $65.86. The firm has a 50-day moving average price of $63.84 and a 200 day moving average price of $62.59. The company has a quick ratio of 0.83, a current ratio of 1.45 and a debt-to-equity ratio of 0.51.

ALLETE (NYSE:ALE) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 14.36% and a return on equity of 7.07%. The company’s quarterly revenue was down 33.6% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share.

ALLETE Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a dividend of $0.7005 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.80 annualized dividend and a dividend yield of 4.38%. ALLETE’s dividend payout ratio is presently 67.79%.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALE. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a report on Monday, September 30th. StockNews.com began coverage on ALLETE in a research report on Sunday. They issued a “hold” rating on the stock. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ALLETE currently has an average rating of “Hold” and an average target price of $62.00.

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. 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.