Point72 Asia Singapore Pte. Ltd. Invests $74,000 in ALLETE, Inc. (NYSE:ALE)

Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ALLETE, Inc. (NYSE:ALE) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,193 shares of the utilities provider’s stock, valued at approximately $74,000.

Other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its position in shares of ALLETE by 139.4% in the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 407 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in ALLETE by 4,157.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 1,164 shares in the last quarter. Hantz Financial Services Inc. bought a new position in ALLETE in the 2nd quarter worth approximately $75,000. Clear Street Markets LLC purchased a new stake in ALLETE during the 4th quarter valued at approximately $92,000. Finally, GAMMA Investing LLC raised its position in shares of ALLETE by 43.7% during the first quarter. GAMMA Investing LLC now owns 1,869 shares of the utilities provider’s stock valued at $111,000 after buying an additional 568 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Stock Performance

NYSE:ALE opened at $64.36 on Monday. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 15.47 and a beta of 0.80. ALLETE, Inc. has a 1 year low of $49.29 and a 1 year high of $65.86. The stock’s 50 day simple moving average is $63.89 and its two-hundred day simple moving average is $62.29. 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 (NYSE:ALE) last announced its quarterly earnings results 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). ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The business had revenue of $354.50 million during the quarter, compared to the consensus estimate of $547.24 million. During the same quarter in the prior year, the firm posted $0.90 EPS. The company’s revenue for the quarter was down 33.6% on a year-over-year basis.

ALLETE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a $0.7005 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date of this dividend was Thursday, August 15th. ALLETE’s payout ratio is 67.79%.

Analyst Upgrades and Downgrades

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