Mackenzie Financial Corp Lowers Position in ALLETE, Inc. (NYSE:ALE)

Mackenzie Financial Corp decreased its stake in ALLETE, Inc. (NYSE:ALE) by 96.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,686 shares of the utilities provider’s stock after selling 93,640 shares during the quarter. Mackenzie Financial Corp’s holdings in ALLETE were worth $230,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Lazard Asset Management LLC lifted its holdings in ALLETE by 4,157.1% during the first quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock valued at $71,000 after purchasing an additional 1,164 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in ALLETE in the 2nd quarter worth $74,000. Hantz Financial Services Inc. purchased a new stake in ALLETE in the 2nd quarter worth $75,000. Clear Street Markets LLC purchased a new stake in ALLETE in the 4th quarter worth $92,000. Finally, GAMMA Investing LLC raised its holdings in 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 acquiring an additional 568 shares during the period. Institutional investors own 76.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALE. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. StockNews.com assumed coverage on shares of ALLETE in a report on Sunday. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.00.

ALLETE Price Performance

Shares of ALLETE stock opened at $64.12 on Tuesday. The firm has a market cap of $3.70 billion, a PE ratio of 15.41 and a beta of 0.80. The stock has a 50 day moving average of $63.85 and a 200 day moving average of $62.55. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51. ALLETE, Inc. has a 12 month low of $52.14 and a 12 month 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 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 business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a dividend of $0.7005 per share. The ex-dividend date of this dividend 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 (DPR) is presently 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.