Comerica Bank Sells 646 Shares of ALLETE Inc (NYSE:ALE)

Comerica Bank lessened its stake in ALLETE Inc (NYSE:ALE) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,401 shares of the utilities provider’s stock after selling 646 shares during the period. Comerica Bank owned about 0.06% of ALLETE worth $2,709,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in ALLETE by 93.4% during the first quarter. CWM LLC now owns 410 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 198 shares during the period. WP Advisors LLC bought a new stake in shares of ALLETE during the 1st quarter worth approximately $36,000. Quadrant Capital Group LLC lifted its holdings in shares of ALLETE by 4,644.8% during the 1st quarter. Quadrant Capital Group LLC now owns 1,376 shares of the utilities provider’s stock worth $112,000 after acquiring an additional 1,347 shares during the period. Ffcm LLC lifted its holdings in shares of ALLETE by 120.0% during the 4th quarter. Ffcm LLC now owns 1,659 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 905 shares during the period. Finally, Pearl River Capital LLC bought a new stake in shares of ALLETE during the 1st quarter worth approximately $134,000. Institutional investors and hedge funds own 71.75% of the company’s stock.

A number of equities analysts have commented on the stock. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating and set a $89.00 price target for the company in a research note on Monday, February 18th. Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and boosted their price target for the company from $69.00 to $76.00 in a report on Tuesday, February 19th. Finally, ValuEngine cut ALLETE from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $79.06.

Shares of ALLETE stock traded up $0.20 during midday trading on Friday, reaching $84.93. The company had a trading volume of 140,249 shares, compared to its average volume of 209,024. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.73 and a quick ratio of 1.50. The firm has a market cap of $4.37 billion, a P/E ratio of 23.53, a P/E/G ratio of 3.24 and a beta of 0.27. ALLETE Inc has a 1-year low of $72.33 and a 1-year high of $86.52.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.01). The company had revenue of $357.20 million during the quarter, compared to analyst estimates of $364.00 million. ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 EPS. On average, sell-side analysts expect that ALLETE Inc will post 3.63 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Wednesday, May 15th were issued a $0.5875 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s dividend payout ratio is currently 65.10%.

In related news, CEO Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.24, for a total transaction of $328,960.00. Following the transaction, the chief executive officer now directly owns 76,854 shares of the company’s stock, valued at $6,320,472.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert John Adams sold 2,885 shares of ALLETE stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $82.45, for a total transaction of $237,868.25. The disclosure for this sale can be found here. In the last three months, insiders sold 13,620 shares of company stock valued at $1,131,100. 0.43% of the stock is currently owned by company insiders.

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ALLETE Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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