Texas Permanent School Fund Corp Sells 2,105 Shares of ALLETE, Inc. (NYSE:ALE)

Texas Permanent School Fund Corp lessened its position in ALLETE, Inc. (NYSE:ALE) by 4.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,198 shares of the utilities provider’s stock after selling 2,105 shares during the period. Texas Permanent School Fund Corp owned about 0.08% of ALLETE worth $3,005,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of ALLETE by 0.5% in the first quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock worth $394,548,000 after buying an additional 35,992 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of ALLETE by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock worth $54,355,000 after buying an additional 24,690 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of ALLETE by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 716,941 shares of the utilities provider’s stock worth $43,848,000 after buying an additional 22,139 shares in the last quarter. Sei Investments Co. lifted its stake in shares of ALLETE by 2.7% in the first 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 in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of ALLETE by 4.2% during the first quarter. Principal Financial Group Inc. now owns 278,294 shares of the utilities provider’s stock valued at $16,597,000 after purchasing an additional 11,219 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of ALLETE in a report on Thursday. They set a “hold” rating for the company. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $62.00.

ALLETE Stock Up 0.5 %

ALE opened at $64.08 on Monday. ALLETE, Inc. has a twelve month low of $49.29 and a twelve month high of $65.86. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 15.40 and a beta of 0.80. 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 firm has a 50 day moving average price of $63.77 and a 200-day moving average price of $61.83.

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

ALLETE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a dividend of $0.7005 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.37%. ALLETE’s dividend payout ratio is currently 67.79%.

ALLETE 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.