Skandinaviska Enskilda Banken AB publ Invests $1.87 Million in ALLETE, Inc. (NYSE:ALE)

Skandinaviska Enskilda Banken AB publ purchased a new stake in ALLETE, Inc. (NYSE:ALE) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 30,000 shares of the utilities provider’s stock, valued at approximately $1,870,000. Skandinaviska Enskilda Banken AB publ owned 0.05% of ALLETE as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ALE. Alpine Associates Management Inc. bought a new position in shares of ALLETE during the second quarter worth approximately $21,985,000. Hsbc Holdings PLC increased its position in ALLETE by 6,668.6% during the 2nd quarter. Hsbc Holdings PLC now owns 239,204 shares of the utilities provider’s stock worth $14,941,000 after buying an additional 235,670 shares during the period. Vanguard Group Inc. lifted its holdings in shares of ALLETE by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 6,579,504 shares of the utilities provider’s stock worth $402,402,000 after buying an additional 176,709 shares in the last quarter. Invenomic Capital Management LP boosted its position in shares of ALLETE by 154.5% in the first quarter. Invenomic Capital Management LP now owns 250,895 shares of the utilities provider’s stock valued at $14,963,000 after acquiring an additional 152,294 shares during the period. Finally, New York Life Investment Management LLC grew its stake in shares of ALLETE by 1,558.0% in the second quarter. New York Life Investment Management LLC now owns 102,679 shares of the utilities provider’s stock valued at $6,402,000 after acquiring an additional 96,486 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on shares of ALLETE in a report on Friday. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $62.00.

ALLETE Stock Up 0.3 %

NYSE ALE opened at $64.06 on Tuesday. ALLETE, Inc. has a fifty-two week low of $49.29 and a fifty-two week high of $65.86. The business has a fifty day moving average price of $63.85 and a two-hundred day moving average price of $62.11. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.83. The stock has a market capitalization of $3.70 billion, a PE ratio of 15.40 and a beta of 0.80.

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

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. This represents a $2.80 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend was Thursday, August 15th. ALLETE’s payout ratio is 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.