Alpine Associates Management Inc. bought a new stake in ALLETE, Inc. (NYSE:ALE – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 352,600 shares of the utilities provider’s stock, valued at approximately $21,985,000. ALLETE comprises approximately 1.1% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 28th biggest position. Alpine Associates Management Inc. owned 0.61% of ALLETE as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of ALLETE by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 716,941 shares of the utilities provider’s stock worth $43,848,000 after purchasing an additional 22,139 shares during the period. Principal Securities Inc. bought a new stake in shares of ALLETE in the 4th quarter valued at about $25,000. Dimensional Fund Advisors LP increased its stake in shares of ALLETE by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock valued at $54,355,000 after buying an additional 24,690 shares during the period. Principal Financial Group Inc. raised its position in shares of ALLETE by 1.9% during the fourth quarter. Principal Financial Group Inc. now owns 267,075 shares of the utilities provider’s stock worth $16,334,000 after acquiring an additional 5,088 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of ALLETE by 23.6% in the fourth quarter. Boston Partners now owns 19,120 shares of the utilities provider’s stock worth $1,169,000 after acquiring an additional 3,647 shares during the period. 76.55% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Separately, StockNews.com assumed coverage on shares of ALLETE in a research report on Thursday. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, ALLETE presently has a consensus rating of “Hold” and an average target price of $62.00.
ALLETE Stock Up 0.5 %
Shares of NYSE:ALE opened at $64.08 on Monday. The business’s 50-day moving average is $63.77 and its 200-day moving average is $61.83. ALLETE, Inc. has a 1 year low of $49.29 and a 1 year high of $65.86. The company has a market capitalization of $3.70 billion, a price-to-earnings 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 (NYSE:ALE – Get Free Report) last posted 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 return on equity of 7.07% and a net margin of 14.36%. The business had revenue of $354.50 million for the quarter, compared to the consensus estimate of $547.24 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. ALLETE’s quarterly revenue 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. Stockholders of record on Thursday, August 15th were issued a dividend of $0.7005 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 annualized dividend and a dividend yield of 4.37%. ALLETE’s dividend payout ratio is currently 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.
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