Millennium Management LLC grew its stake in ALLETE Inc (NYSE:ALE) by 336.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 545,149 shares of the utilities provider’s stock after acquiring an additional 420,136 shares during the quarter. Millennium Management LLC owned 1.07% of ALLETE worth $40,537,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in ALE. Sei Investments Co. boosted its holdings in ALLETE by 399.6% in the fourth quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock worth $19,278,000 after acquiring an additional 378,053 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in ALLETE by 72.9% in the fourth quarter. Renaissance Technologies LLC now owns 419,499 shares of the utilities provider’s stock worth $31,194,000 after acquiring an additional 176,899 shares in the last quarter. BlackRock Inc. boosted its holdings in ALLETE by 1.6% in the fourth quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock worth $497,185,000 after acquiring an additional 108,468 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in ALLETE by 46.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 258,925 shares of the utilities provider’s stock worth $19,254,000 after acquiring an additional 82,711 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of ALLETE by 40.1% during the fourth quarter. Wells Fargo & Company MN now owns 269,665 shares of the utilities provider’s stock valued at $20,052,000 after purchasing an additional 77,232 shares in the last quarter. 73.47% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on ALE shares. Mizuho started coverage on ALLETE in a report on Wednesday, February 28th. They set a “buy” rating and a $71.50 price target on the stock. Williams Capital raised ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Friday, February 2nd. Wells Fargo set a $71.00 price target on ALLETE and gave the company a “hold” rating in a report on Tuesday, February 13th. Zacks Investment Research raised ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Guggenheim reaffirmed a “hold” rating and set a $63.00 price target on shares of ALLETE in a report on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $73.07.
ALLETE Inc (NYSE ALE) opened at $71.01 on Friday. The stock has a market capitalization of $3,644.50, a price-to-earnings ratio of 21.27, a PEG ratio of 3.49 and a beta of 0.38. 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 1-year low of $66.64 and a 1-year high of $81.24.
ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.13). The business had revenue of $337.90 million for the quarter, compared to the consensus estimate of $348.00 million. ALLETE had a net margin of 12.13% and a return on equity of 8.40%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. analysts predict that ALLETE Inc will post 3.34 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 15th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Wednesday, February 14th. This is a boost from ALLETE’s previous quarterly dividend of $0.54. ALLETE’s dividend payout ratio is 66.27%.
ALLETE Company Profile
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.
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