ALLETE, Inc. (NYSE:ALE) Stock Holdings Lowered by Gabelli Funds LLC

Gabelli Funds LLC reduced its position in ALLETE, Inc. (NYSE:ALE) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 277,500 shares of the utilities provider’s stock after selling 4,000 shares during the period. Gabelli Funds LLC owned about 0.48% of ALLETE worth $16,550,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Principal Securities Inc. purchased a new position in shares of ALLETE in the fourth quarter worth approximately $25,000. Allworth Financial LP increased its position in shares of ALLETE by 131.2% in the fourth quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 265 shares in the last quarter. Parallel Advisors LLC increased its position in shares of ALLETE by 139.4% in the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 407 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of ALLETE in the fourth quarter worth approximately $77,000. Finally, Clear Street Markets LLC purchased a new position in shares of ALLETE in the fourth quarter worth approximately $92,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Stock Up 0.1 %

ALE traded up $0.09 on Friday, reaching $64.56. 243,548 shares of the company traded hands, compared to its average volume of 461,968. The stock’s 50 day moving average price is $63.05 and its 200-day moving average price is $60.56. ALLETE, Inc. has a 52-week low of $49.29 and a 52-week high of $65.86. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 15.52 and a beta of 0.80. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.66 and a quick ratio of 0.96.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, May 9th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). The business had revenue of $403.30 million during the quarter, compared to analyst estimates of $581.26 million. ALLETE had a net margin of 13.94% and a return on equity of 7.21%. On average, sell-side analysts expect that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be paid a $0.7005 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Thursday, August 15th. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.

Wall Street Analyst Weigh In

ALE has been the topic of a number of research analyst reports. Mizuho boosted their price objective on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. StockNews.com initiated coverage on shares of ALLETE in a research report on Friday. They set a “hold” rating on the stock. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $62.00.

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. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.