Penn Capital Management Co. Inc. grew its stake in ALLETE Inc (NYSE:ALE) by 2.8% during the first quarter, HoldingsChannel reports. The firm owned 12,081 shares of the utilities provider’s stock after purchasing an additional 325 shares during the period. Penn Capital Management Co. Inc.’s holdings in ALLETE were worth $2,998,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of ALE. CWM LLC raised its stake in ALLETE by 93.4% during the first quarter. CWM LLC now owns 410 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 198 shares during the period. WP Advisors LLC acquired a new stake in ALLETE during the first quarter worth about $36,000. Quadrant Capital Group LLC raised its stake in ALLETE by 4,644.8% during the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the utilities provider’s stock worth $112,000 after acquiring an additional 1,347 shares during the period. Ffcm LLC raised its stake in ALLETE by 120.0% during the fourth quarter. Ffcm LLC now owns 1,659 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 905 shares during the period. Finally, Pearl River Capital LLC acquired a new stake in ALLETE during the first quarter worth about $134,000. Institutional investors and hedge funds own 70.30% of the company’s stock.
In other ALLETE news, Director Madeleine W. Ludlow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $82.51, for a total value of $165,020.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $80.59, for a total transaction of $322,360.00. Following the completion of the sale, the chairman now owns 80,453 shares in the company, valued at approximately $6,483,707.27. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.
Several equities research analysts recently weighed in on ALE shares. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a research note on Monday. Zacks Investment Research lowered shares of ALLETE from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. Williams Capital upgraded shares of ALLETE from a “sell” rating to a “hold” rating and increased their price objective for the stock from $69.00 to $76.00 in a research note on Tuesday, February 19th. Finally, Mizuho lowered shares of ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price objective on the stock. in a research note on Monday, February 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $78.46.
ALE opened at $81.74 on Friday. ALLETE Inc has a fifty-two week low of $70.46 and a fifty-two week high of $84.26. The stock has a market cap of $4.20 billion, a P/E ratio of 22.64, a price-to-earnings-growth ratio of 3.13 and a beta of 0.28. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69.
ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The firm had revenue of $357.20 million during the quarter, compared to analyst estimates of $364.00 million. During the same quarter in the previous year, the business posted $0.99 EPS. ALLETE’s revenue for the quarter was down .3% compared to the same quarter last year. Sell-side analysts predict that ALLETE Inc will post 3.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be paid a $0.5875 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.35 annualized dividend and a dividend yield of 2.87%. ALLETE’s payout ratio is currently 65.10%.
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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, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility 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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