Teachers Retirement System of The State of Kentucky lifted its holdings in shares of ALLETE Inc (NYSE:ALE) by 10.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,592 shares of the utilities provider’s stock after acquiring an additional 3,046 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.06% of ALLETE worth $2,423,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of ALE. Rocky Mountain Advisers LLC purchased a new stake in ALLETE in the third quarter worth $108,000. Resources Investment Advisors Inc. purchased a new stake in ALLETE in the fourth quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ALLETE by 48.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock worth $199,000 after buying an additional 873 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new stake in ALLETE in the third quarter worth $224,000. Finally, Charter Research & Investment Group Inc. purchased a new stake in ALLETE in the fourth quarter worth $223,000. 73.47% of the stock is owned by institutional investors.
A number of analysts have issued reports on the company. Zacks Investment Research raised ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, January 16th. JPMorgan Chase & Co. decreased their target price on ALLETE from $76.00 to $73.00 and set an “underweight” rating for the company in a research report on Thursday, January 25th. Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Friday, February 2nd. Guggenheim reiterated a “hold” rating and issued a $63.00 price target on shares of ALLETE in a research report on Friday, February 23rd. Finally, Wells Fargo set a $71.00 price target on ALLETE and gave the company a “hold” rating in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $73.07.
ALLETE (NYSE:ALE) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.13). The business had revenue of $337.90 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 EPS. equities analysts expect that ALLETE Inc will post 3.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 15th were paid a dividend of $0.56 per share. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $2.24 annualized dividend and a yield of 3.15%. ALLETE’s dividend payout ratio (DPR) 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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