ALLETE Inc (ALE) Position Decreased by Suntrust Banks Inc.
Suntrust Banks Inc. reduced its holdings in shares of ALLETE Inc (NYSE:ALE) by 45.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,117 shares of the utilities provider’s stock after selling 12,394 shares during the quarter. Suntrust Banks Inc.’s holdings in ALLETE were worth $1,123,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in ALE. Macquarie Group Ltd. lifted its position in shares of ALLETE by 4,655.4% during the 3rd quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock worth $52,192,000 after buying an additional 661,063 shares during the last quarter. Sei Investments Co. increased its holdings in ALLETE by 399.6% in the 4th quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock worth $19,278,000 after purchasing an additional 378,053 shares in the last quarter. BlackRock Inc. increased its holdings in ALLETE by 1.6% in the 4th quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock worth $497,185,000 after purchasing an additional 108,468 shares in the last quarter. Wells Fargo & Company MN increased its holdings in ALLETE by 40.1% in the 4th quarter. Wells Fargo & Company MN now owns 269,665 shares of the utilities provider’s stock worth $20,052,000 after purchasing an additional 77,232 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in ALLETE by 223.7% in the 4th quarter. Arizona State Retirement System now owns 85,483 shares of the utilities provider’s stock worth $6,357,000 after purchasing an additional 59,071 shares in the last quarter. Institutional investors and hedge funds own 73.55% of the company’s stock.
ALE has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a report on Wednesday, November 15th. Zacks Investment Research cut ALLETE from a “hold” rating to a “sell” rating in a report on Friday, November 17th. Williams Capital raised ALLETE from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a report on Friday, February 2nd. Wells Fargo & Co set a $71.00 target price on ALLETE and gave the stock a “hold” rating in a report on Tuesday, February 13th. Finally, Guggenheim reaffirmed a “hold” rating and issued a $63.00 target price on shares of ALLETE in a report on Friday, February 23rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $74.36.
ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.13). The company had revenue of $337.90 million during the quarter, compared to analyst estimates of $348.00 million. ALLETE had a net margin of 12.13% and a return on equity of 8.40%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. sell-side analysts expect that ALLETE Inc will post 3.36 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.56 dividend. This is a boost from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, February 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.27%. ALLETE’s dividend payout ratio is presently 66.27%.
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ALLETE Company Profile
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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