ClariVest Asset Management LLC lessened its stake in shares of Allete, Inc. (NYSE:ALE) by 1.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,800 shares of the utilities provider’s stock after selling 700 shares during the period. ClariVest Asset Management LLC owned 0.10% of Allete worth $3,598,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Resources Investment Advisors Inc. acquired a new position in Allete during the fourth quarter valued at approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Allete by 48.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 873 shares during the last quarter. LS Investment Advisors LLC grew its holdings in Allete by 96.7% during the first quarter. LS Investment Advisors LLC now owns 2,886 shares of the utilities provider’s stock valued at $209,000 after purchasing an additional 1,419 shares during the last quarter. Charter Research & Investment Group Inc. acquired a new position in Allete during the fourth quarter valued at approximately $223,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Allete during the fourth quarter valued at approximately $233,000. Institutional investors own 73.44% of the company’s stock.
Several brokerages have commented on ALE. Zacks Investment Research downgraded Allete from a “buy” rating to a “hold” rating in a report on Monday, May 14th. Mizuho downgraded Allete from a “buy” rating to a “neutral” rating and set a $71.50 price target on the stock. in a report on Monday, May 7th. JPMorgan Chase increased their price target on Allete from $64.00 to $66.00 and gave the company an “underweight” rating in a report on Tuesday, April 10th. Guggenheim reiterated a “hold” rating and set a $63.00 price target on shares of Allete in a report on Friday, February 23rd. Finally, Wells Fargo set a $71.00 price target on Allete and gave the company a “hold” rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Allete presently has a consensus rating of “Hold” and an average target price of $72.93.
Shares of Allete opened at $74.49 on Friday, MarketBeat Ratings reports. The firm has a market capitalization of $3.81 billion, a PE ratio of 23.35, a P/E/G ratio of 3.35 and a beta of 0.30. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.65 and a current ratio of 1.01. 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 data on Wednesday, May 2nd. The utilities provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.01. The business had revenue of $358.20 million for the quarter, compared to the consensus estimate of $355.00 million. Allete had a net margin of 12.34% and a return on equity of 8.40%. Allete’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.97 earnings per share. sell-side analysts anticipate that Allete, Inc. will post 3.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Tuesday, May 15th will be paid a $0.56 dividend. The ex-dividend date is Monday, May 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.01%. Allete’s payout ratio is 70.22%.
In other news, Director James J. Hoolihan sold 800 shares of the firm’s stock in a transaction on Thursday, April 26th. The shares were sold at an average price of $75.16, for a total value of $60,128.00. Following the sale, the director now owns 15,684 shares in the company, valued at $1,178,809.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.
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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