ALLETE Inc (ALE) Shares Bought by Edge Asset Management Inc.

ALLETE Inc (ALE) Shares Bought by Edge Asset Management Inc.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of ALLETE by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares during the last quarter. State Street Corp raised its stake in shares of ALLETE by 7.6% in the fourth quarter. State Street Corp now owns 1,250,271 shares of the utilities provider’s stock worth $80,254,000 after buying an additional 88,103 shares during the last quarter. Numeric Investors LLC bought a new stake in shares of ALLETE during the fourth quarter worth approximately $5,803,000. Thrivent Financial for Lutherans raised its stake in shares of ALLETE by 6.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 26,653 shares of the utilities provider’s stock worth $1,711,000 after buying an additional 1,500 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of ALLETE by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock worth $103,033,000 after buying an additional 4,111 shares during the last quarter. Institutional investors and hedge funds own 72.57% of the company’s stock.

Edge Asset Management Inc. increased its position in ALLETE Inc (NYSE:ALE) by 4.6% during the first quarter, Holdings Channel reports. The fund owned 696,407 shares of the utilities provider’s stock after buying an additional 30,448 shares during the period. Edge Asset Management Inc.’s holdings in ALLETE were worth $47,153,000 at the end of the most recent quarter.

ALLETE Inc (ALE) traded down 0.60% on Tuesday, reaching $72.71. 124,794 shares of the company were exchanged. The stock has a market capitalization of $3.70 billion, a P/E ratio of 22.84 and a beta of 0.51. ALLETE Inc has a 12-month low of $56.48 and a 12-month high of $73.52. The company’s 50-day moving average price is $69.78 and its 200-day moving average price is $65.89.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. ALLETE had a net margin of 9.38% and a return on equity of 7.46%. The company had revenue of $365.60 million for the quarter, compared to the consensus estimate of $338 million. During the same quarter in the previous year, the company earned $0.93 EPS. ALLETE’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities research analysts anticipate that ALLETE Inc will post $3.46 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be issued a dividend of $0.535 per share. The ex-dividend date is Thursday, May 11th. This represents a $2.14 annualized dividend and a yield of 2.94%. ALLETE’s payout ratio is 81.99%.

ALE has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a report on Thursday, March 9th. Williams Capital raised their price objective on shares of ALLETE from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, April 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $70.50.

In other ALLETE news, insider Steven Q. Devinck sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total transaction of $139,340.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

About ALLETE

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “ALE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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