SG Americas Securities LLC lessened its holdings in ALLETE Inc (NYSE:ALE) by 46.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 7,184 shares of the utilities provider’s stock after selling 6,193 shares during the quarter. SG Americas Securities LLC’s holdings in ALLETE were worth $591,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of ALE. FMR LLC raised its position in shares of ALLETE by 13,073.2% in the fourth quarter. FMR LLC now owns 214,459 shares of the utilities provider’s stock worth $16,346,000 after buying an additional 212,831 shares in the last quarter. BlackRock Inc. raised its position in shares of ALLETE by 2.6% in the fourth quarter. BlackRock Inc. now owns 6,117,904 shares of the utilities provider’s stock worth $466,306,000 after buying an additional 154,336 shares in the last quarter. Vanguard Group Inc raised its position in shares of ALLETE by 1.4% in the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock worth $383,197,000 after buying an additional 71,585 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of ALLETE in the fourth quarter worth $5,102,000. Finally, Rhumbline Advisers raised its position in shares of ALLETE by 48.1% in the fourth quarter. Rhumbline Advisers now owns 174,899 shares of the utilities provider’s stock worth $13,331,000 after buying an additional 56,764 shares in the last quarter. Institutional investors own 70.30% of the company’s stock.
In other ALLETE news, CFO Robert John Adams sold 2,885 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $82.45, for a total transaction of $237,868.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Madeleine W. Ludlow sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $82.51, for a total value of $165,020.00. The disclosure for this sale can be found here. Insiders have sold 8,885 shares of company stock worth $725,248 in the last 90 days. Company insiders own 0.43% of the company’s stock.
ALLETE (NYSE:ALE) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The firm had revenue of $357.20 million for the quarter, compared to analysts’ expectations of $364.00 million. During the same quarter in the previous year, the business earned $0.99 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. On average, analysts predict that ALLETE Inc will post 3.61 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.5875 per share. The ex-dividend date is Tuesday, May 14th. This represents a $2.35 dividend on an annualized basis and a yield of 2.87%. ALLETE’s payout ratio is 65.10%.
A number of equities research analysts recently issued reports on ALE shares. Zacks Investment Research downgraded ALLETE from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. ValuEngine upgraded ALLETE from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Williams Capital upgraded ALLETE from a “sell” rating to a “hold” rating and increased their price objective for the stock from $69.00 to $76.00 in a research report on Tuesday, February 19th. Finally, Mizuho downgraded ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price objective on the stock. in a research report on Monday, February 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. ALLETE currently has a consensus rating of “Hold” and a consensus price target of $78.46.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.
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