Cornercap Investment Counsel Inc. bought a new position in shares of ALLETE Inc (NYSE:ALE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,630 shares of the utilities provider’s stock, valued at approximately $716,000.
Other large investors also recently modified their holdings of the company. Rocky Mountain Advisers LLC bought a new stake in shares of ALLETE in the third quarter worth $108,000. Resources Investment Advisors Inc. bought a new stake in shares of ALLETE in the fourth quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ALLETE by 48.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock worth $199,000 after buying an additional 873 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of ALLETE by 4.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after buying an additional 115 shares during the last quarter. Finally, Yorktown Management & Research Co Inc bought a new stake in shares of ALLETE in the third quarter worth $224,000. Institutional investors and hedge funds own 73.55% of the company’s stock.
Shares of ALLETE Inc (ALE) opened at $68.68 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 0.77 and a debt-to-equity ratio of 0.70. ALLETE Inc has a 12 month low of $65.06 and a 12 month high of $81.24. The firm has a market cap of $3,514.08, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 3.35 and a beta of 0.38.
ALLETE (NYSE:ALE) last released its earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.13). ALLETE had a net margin of 12.13% and a return on equity of 8.40%. The business had revenue of $337.90 million for the quarter, compared to the consensus estimate of $348.00 million. During the same quarter in the previous year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. equities research analysts forecast that ALLETE Inc will post 3.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th were paid a dividend of $0.56 per share. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, February 14th. This represents a $2.24 annualized dividend and a yield of 3.26%. ALLETE’s payout ratio is presently 66.27%.
ALE has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Wednesday, February 21st. Williams Capital upgraded shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research note on Friday, February 2nd. Guggenheim restated a “hold” rating and issued a $63.00 price target on shares of ALLETE in a research note on Friday, February 23rd. Wells Fargo & Co set a $71.00 price target on shares of ALLETE and gave the stock a “hold” rating in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $74.36.
ILLEGAL ACTIVITY WARNING: “Cornercap Investment Counsel Inc. Buys New Stake in ALLETE Inc (ALE)” was reported by The Lincolnian Online and is the property of of The Lincolnian Online. If you are reading this story on another website, it was illegally copied and reposted in violation of international trademark and copyright laws. The correct version of this story can be viewed at https://www.thelincolnianonline.com/2018/03/14/cornercap-investment-counsel-inc-buys-new-stake-in-allete-inc-ale.html.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
Want to see what other hedge funds are holding ALE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ALLETE Inc (NYSE:ALE).
Receive News & Ratings for ALLETE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE and related companies with MarketBeat.com's FREE daily email newsletter.