Glenmede Trust Co. NA trimmed its position in ALLETE Inc (NYSE:ALE) by 9.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 378,310 shares of the utilities provider’s stock after selling 37,219 shares during the period. Glenmede Trust Co. NA owned 0.74% of ALLETE worth $29,286,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in ALLETE in the 2nd quarter valued at $114,000. Northwestern Mutual Wealth Management Co. boosted its holdings in ALLETE by 1,051.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock valued at $124,000 after purchasing an additional 1,462 shares during the period. Signet Financial Management LLC bought a new position in ALLETE in the 2nd quarter valued at $160,000. Bruderman Asset Management LLC bought a new position in ALLETE in the 1st quarter valued at $184,000. Finally, Eqis Capital Management Inc. bought a new position in ALLETE in the 2nd quarter valued at $201,000. 73.25% of the stock is owned by hedge funds and other institutional investors.

NYSE ALE opened at $76.11 on Friday. ALLETE Inc has a 52-week low of $66.64 and a 52-week high of $81.24. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 0.69. The firm has a market cap of $3.84 billion, a PE ratio of 23.86, a P/E/G ratio of 3.73 and a beta of 0.18.

ALLETE (NYSE:ALE) last posted its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.11). ALLETE had a return on equity of 8.04% and a net margin of 12.02%. The company had revenue of $344.10 million for the quarter, compared to the consensus estimate of $343.00 million. The business’s revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 earnings per share. equities analysts expect that ALLETE Inc will post 3.34 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Wednesday, August 15th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Tuesday, August 14th. ALLETE’s dividend payout ratio is presently 70.22%.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Guggenheim reaffirmed a “hold” rating and set a $71.00 price objective on shares of ALLETE in a report on Monday, July 23rd. Williams Capital downgraded shares of ALLETE from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $76.00 to $73.00 in a report on Monday, June 11th. ValuEngine downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Finally, Wells Fargo & Co lifted their price objective on shares of ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $74.50.

In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total value of $302,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James J. Hoolihan sold 800 shares of the business’s stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $77.62, for a total transaction of $62,096.00. The disclosure for this sale can be found here. Insiders sold 6,400 shares of company stock valued at $487,864 over the last three months. 0.42% of the stock is currently owned by insiders.

ALLETE Company 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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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