Franklin Resources Inc. lowered its position in ALLETE Inc (NYSE:ALE) by 16.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 500,210 shares of the utilities provider’s stock after selling 100,123 shares during the period. Franklin Resources Inc. owned approximately 0.98% of ALLETE worth $37,196,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC acquired a new stake in shares of ALLETE in the 3rd quarter worth approximately $108,000. Resources Investment Advisors Inc. acquired a new stake in shares of ALLETE in the 4th quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of ALLETE by 48.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock worth $199,000 after acquiring an additional 873 shares during the period. Charter Research & Investment Group Inc. acquired a new stake in shares of ALLETE in the 4th quarter worth approximately $223,000. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of ALLETE in the 3rd quarter worth approximately $224,000. Institutional investors and hedge funds own 73.47% of the company’s stock.
A number of equities research analysts recently weighed in on ALE shares. Mizuho began coverage on ALLETE in a report on Wednesday, February 28th. They issued a “buy” rating and a $71.50 price target on the stock. Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Friday, February 2nd. Wells Fargo set a $71.00 target price on ALLETE and gave the company a “hold” rating in a report on Tuesday, February 13th. Zacks Investment Research upgraded ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Guggenheim reiterated a “hold” rating and set a $63.00 target price 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 given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $73.07.
Shares of ALLETE Inc (NYSE:ALE) opened at $71.22 on Tuesday. The company has a market capitalization of $3,634.78, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 3.48 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 fifty-two week low of $65.98 and a fifty-two week high of $81.24.
ALLETE (NYSE:ALE) last announced its earnings results on Thursday, February 15th. The utilities provider reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.13). The company had revenue of $337.90 million for the quarter, compared to analyst estimates of $348.00 million. ALLETE had a net margin of 12.13% and a return on equity of 8.40%. ALLETE’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 EPS. equities research analysts forecast that ALLETE Inc will post 3.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Wednesday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. ALLETE’s dividend payout ratio is currently 66.27%.
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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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