Strs Ohio reduced its stake in Allete Inc. (NYSE:ALE) by 13.0% during the third quarter, Holdings Channel reports. The institutional investor owned 6,700 shares of the company’s stock after selling 1,000 shares during the period. Strs Ohio’s holdings in Allete were worth $399,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its position in Allete by 4.3% in the second quarter. LS Investment Advisors LLC now owns 1,639 shares of the company’s stock valued at $106,000 after buying an additional 68 shares in the last quarter. Advisor Group Inc. bought a new position in Allete during the second quarter valued at approximately $113,000. Tower Research Capital LLC TRC bought a new position in Allete during the second quarter valued at approximately $144,000. Acrospire Investment Management LLC raised its position in Allete by 69.0% in the second quarter. Acrospire Investment Management LLC now owns 2,704 shares of the company’s stock valued at $175,000 after buying an additional 1,104 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Allete by 2.6% in the second quarter. Public Employees Retirement System of Ohio now owns 2,856 shares of the company’s stock valued at $185,000 after buying an additional 73 shares in the last quarter. Institutional investors own 71.41% of the company’s stock.
Shares of Allete Inc. (NYSE:ALE) traded up 1.35% on Friday, hitting $62.94. The company’s stock had a trading volume of 76,385 shares. The stock has a 50-day moving average price of $59.68 and a 200 day moving average price of $60.41. Allete Inc. has a one year low of $47.93 and a one year high of $65.41. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 23.99 and a beta of 0.48.
Allete (NYSE:ALE) last issued its quarterly earnings data on Friday, November 4th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by $0.15. The firm earned $349.60 million during the quarter, compared to analyst estimates of $205.30 million. Allete had a return on equity of 7.46% and a net margin of 9.38%. The company’s revenue was down 24.4% on a year-over-year basis. During the same quarter last year, the company posted $1.25 EPS. Equities research analysts predict that Allete Inc. will post $3.12 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th will be given a $0.52 dividend. The ex-dividend date is Thursday, November 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.30%. Allete’s dividend payout ratio (DPR) is currently 79.69%.
Several research analysts recently commented on ALE shares. KeyCorp set a $65.50 price target on Allete and gave the stock a “buy” rating in a research report on Monday, September 12th. Zacks Investment Research upgraded Allete from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Tuesday, August 2nd. Guggenheim started coverage on Allete in a research report on Friday, November 4th. They issued a “neutral” rating for the company. Finally, Macquarie started coverage on Allete in a research report on Thursday, November 3rd. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $62.10.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.