ALLETE, Inc. (NYSE:ALE) Shares Sold by Swiss National Bank

Swiss National Bank reduced its stake in shares of ALLETE, Inc. (NYSE:ALE) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,900 shares of the utilities provider’s stock after selling 3,900 shares during the quarter. Swiss National Bank’s holdings in ALLETE were worth $8,041,000 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. Cohen & Steers Inc. increased its position in shares of ALLETE by 99.0% during the first quarter. Cohen & Steers Inc. now owns 408 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 203 shares in the last quarter. Harbour Investments Inc. acquired a new position in ALLETE during the first quarter worth approximately $33,000. Berman Capital Advisors LLC lifted its stake in ALLETE by 333.1% in the first quarter. Berman Capital Advisors LLC now owns 589 shares of the utilities provider’s stock valued at $39,000 after buying an additional 453 shares during the last quarter. Huntington National Bank boosted its holdings in shares of ALLETE by 52.3% in the second quarter. Huntington National Bank now owns 1,145 shares of the utilities provider’s stock valued at $80,000 after acquiring an additional 393 shares during the period. Finally, Eagle Bay Advisors LLC purchased a new position in shares of ALLETE during the second quarter worth approximately $89,000. Institutional investors own 72.48% of the company’s stock.

In related news, Director Heidi E. Jimmerson sold 3,253 shares of ALLETE stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $69.50, for a total transaction of $226,083.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

A number of analysts recently weighed in on ALE shares. Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, September 3rd. TheStreet lowered ALLETE from a “b” rating to a “c” rating in a report on Tuesday, September 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.50.

ALE opened at $62.41 on Wednesday. The business has a 50 day simple moving average of $69.28 and a 200-day simple moving average of $69.06. ALLETE, Inc. has a 12 month low of $49.98 and a 12 month high of $73.10. The stock has a market capitalization of $3.26 billion, a P/E ratio of 19.50, a P/E/G ratio of 3.39 and a beta of 0.47. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.47 and a quick ratio of 0.32.

ALLETE (NYSE:ALE) last posted its quarterly earnings results on Tuesday, August 3rd. The utilities provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. ALLETE had a net margin of 12.99% and a return on equity of 6.13%. The business had revenue of $335.60 million for the quarter, compared to analysts’ expectations of $282.90 million. During the same period in the prior year, the company posted $0.39 EPS. The business’s revenue for the quarter was up 38.0% on a year-over-year basis. Research analysts anticipate that ALLETE, Inc. will post 3.15 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Monday, August 16th were paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Friday, August 13th. ALLETE’s dividend payout ratio (DPR) is 75.22%.

ALLETE Company Profile

ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities; Minnesota Power; SWL&P; and investment in ATC, which regulates utilities that owns and maintains electric transmission assets.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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