St. Louis Trust Co Invests $685,000 in ALLETE Inc (ALE)
St. Louis Trust Co bought a new position in ALLETE Inc (NYSE:ALE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,853 shares of the utilities provider’s stock, valued at approximately $685,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new position in shares of ALLETE in the second quarter worth approximately $114,000. Bruderman Asset Management LLC bought a new position in shares of ALLETE in the first quarter worth approximately $184,000. Eqis Capital Management Inc. bought a new position in shares of ALLETE in the second quarter worth approximately $201,000. Zeke Capital Advisors LLC bought a new position in shares of ALLETE in the second quarter worth approximately $202,000. Finally, LS Investment Advisors LLC lifted its stake in shares of ALLETE by 96.7% in the first quarter. LS Investment Advisors LLC now owns 2,886 shares of the utilities provider’s stock worth $209,000 after buying an additional 1,419 shares in the last quarter. Hedge funds and other institutional investors own 73.17% of the company’s stock.
Several research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a research note on Monday, May 14th. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Guggenheim reiterated a “hold” rating and issued a $71.00 target price on shares of ALLETE in a research note on Monday, July 23rd. Mizuho downgraded shares of ALLETE from a “buy” rating to a “neutral” rating and set a $71.50 target price on the stock. in a research note on Monday, May 7th. Finally, Williams Capital downgraded shares of ALLETE from a “buy” rating to a “hold” rating and dropped their target price for the stock from $76.00 to $73.00 in a research note on Monday, June 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.64.
Shares of ALLETE stock opened at $77.24 on Monday. The company has a market cap of $3.97 billion, a P/E ratio of 24.21, a P/E/G ratio of 3.85 and a beta of 0.30. ALLETE Inc has a twelve month low of $66.64 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21.
ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The company had revenue of $344.10 million for the quarter, compared to the consensus estimate of $343.00 million. ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.72 EPS. research analysts anticipate that ALLETE Inc will post 3.34 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 1st. Investors of record on Wednesday, August 15th will be given a dividend of $0.56 per share. The ex-dividend date is Tuesday, August 14th. This represents a $2.24 dividend on an annualized basis and a yield of 2.90%. ALLETE’s dividend payout ratio (DPR) is 70.22%.
ALLETE Company Profile
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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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