Inspire Investing LLC Trims Stock Holdings in ALLETE, Inc. (NYSE:ALE)

Inspire Investing LLC cut its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,623 shares of the utilities provider’s stock after selling 400 shares during the period. Inspire Investing LLC’s holdings in ALLETE were worth $351,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Capstone Investment Advisors LLC purchased a new stake in ALLETE during the 1st quarter valued at approximately $854,000. Boston Partners raised its stake in shares of ALLETE by 59.2% during the first quarter. Boston Partners now owns 30,441 shares of the utilities provider’s stock worth $1,816,000 after purchasing an additional 11,321 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of ALLETE by 2.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock worth $54,355,000 after purchasing an additional 24,690 shares during the period. SG Americas Securities LLC grew its position in ALLETE by 167.1% in the 1st quarter. SG Americas Securities LLC now owns 34,723 shares of the utilities provider’s stock valued at $2,071,000 after buying an additional 21,725 shares during the last quarter. Finally, Sei Investments Co. increased its stake in ALLETE by 2.7% in the 1st quarter. Sei Investments Co. now owns 308,300 shares of the utilities provider’s stock valued at $18,387,000 after buying an additional 7,981 shares during the period. 76.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of ALLETE in a research note on Friday. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.00.

ALLETE Trading Up 0.3 %

Shares of ALE stock opened at $64.06 on Tuesday. The business’s fifty day moving average price is $63.85 and its 200 day moving average price is $62.11. The firm has a market capitalization of $3.70 billion, a PE ratio of 15.40 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.83. ALLETE, Inc. has a 1-year low of $49.29 and a 1-year high of $65.86.

ALLETE (NYSE:ALE) last announced its quarterly 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). ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The company had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. During the same quarter in the prior year, the business earned $0.90 EPS. The business’s revenue for the quarter was down 33.6% compared to the same quarter last year.

ALLETE Dividend Announcement

The company also recently declared 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. This represents a $2.80 annualized dividend and a dividend yield of 4.37%. The ex-dividend date was Thursday, August 15th. ALLETE’s dividend payout ratio (DPR) is 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.