State of New Jersey Common Pension Fund D decreased its stake in shares of ALLETE, Inc. (NYSE:ALE) by 8.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,689 shares of the utilities provider’s stock after selling 4,025 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.09% of ALLETE worth $2,768,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. California Public Employees Retirement System lifted its holdings in ALLETE by 13.9% in the fourth quarter. California Public Employees Retirement System now owns 136,212 shares of the utilities provider’s stock worth $8,437,000 after buying an additional 16,655 shares during the period. O Shares Investment Advisers LLC lifted its stake in shares of ALLETE by 6.6% in the 4th quarter. O Shares Investment Advisers LLC now owns 8,245 shares of the utilities provider’s stock valued at $511,000 after purchasing an additional 510 shares during the period. Victory Capital Management Inc. boosted its position in shares of ALLETE by 16.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,288,336 shares of the utilities provider’s stock valued at $79,799,000 after purchasing an additional 182,098 shares in the last quarter. Creative Planning grew its stake in ALLETE by 2.2% in the fourth quarter. Creative Planning now owns 15,195 shares of the utilities provider’s stock worth $941,000 after purchasing an additional 322 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ALLETE by 12.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,620 shares of the utilities provider’s stock worth $410,000 after purchasing an additional 729 shares in the last quarter. Institutional investors own 71.86% of the company’s stock.
Shares of ALLETE stock opened at $63.70 on Tuesday. The firm has a market cap of $3.32 billion, a PE ratio of 18.68 and a beta of 0.43. The stock has a 50 day moving average of $65.20 and a 200 day moving average of $58.14. The company has a current ratio of 0.42, a quick ratio of 0.30 and a debt-to-equity ratio of 0.66. ALLETE, Inc. has a 12 month low of $48.22 and a 12 month high of $79.54.
ALLETE (NYSE:ALE) last announced its quarterly earnings results on Tuesday, February 16th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.15. ALLETE had a net margin of 15.33% and a return on equity of 7.29%. As a group, equities research analysts forecast that ALLETE, Inc. will post 3.32 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Tuesday, February 16th will be given a $0.63 dividend. The ex-dividend date is Friday, February 12th. This represents a $2.52 annualized dividend and a yield of 3.96%. This is a positive change from ALLETE’s previous quarterly dividend of $0.62. ALLETE’s dividend payout ratio (DPR) is currently 75.68%.
Several research analysts recently issued reports on ALE shares. Guggenheim lowered shares of ALLETE from a “buy” rating to a “neutral” rating and set a $66.00 price target for the company. in a research note on Wednesday, January 20th. TheStreet upgraded shares of ALLETE from a “c” rating to a “b-” rating in a report on Tuesday, December 1st. Finally, Zacks Investment Research lowered ALLETE from a “buy” rating to a “hold” rating in a research report on Thursday, February 18th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $62.50.
ALLETE Company Profile
ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. The company provides regulated utility electric 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 15 non-affiliated municipal customers.
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