Palisade Capital Management LLC NJ held its stake in shares of Allete, Inc. (NYSE:ALE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,000 shares of the utilities provider’s stock at the end of the second quarter. Palisade Capital Management LLC NJ owned approximately 0.06% of Allete worth $2,079,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of ALE. State of Alaska Department of Revenue raised its stake in shares of Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares in the last quarter. Blackstart Capital LP purchased a new stake in shares of Allete during the first quarter worth $5,883,000. Jane Street Group LLC purchased a new stake in shares of Allete during the first quarter worth $363,000. Victory Capital Management Inc. raised its stake in shares of Allete by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock worth $103,033,000 after buying an additional 4,111 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Allete by 1.3% in the first quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock worth $6,793,000 after buying an additional 1,270 shares in the last quarter. Institutional investors and hedge funds own 73.28% of the company’s stock.
Shares of Allete, Inc. (NYSE ALE) traded up 0.78% on Friday, reaching $75.07. The company’s stock had a trading volume of 209,981 shares. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 22.09 and a beta of 0.48. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $75.26. The stock has a 50 day moving average of $72.60 and a 200-day moving average of $70.00.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The firm had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $342.50 million. During the same period last year, the firm earned $0.50 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, analysts anticipate that Allete, Inc. will post $3.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a dividend of $0.535 per share. The ex-dividend date is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.85%. Allete’s dividend payout ratio (DPR) is currently 63.13%.
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A number of equities research analysts recently weighed in on ALE shares. Williams Capital boosted their price objective on Allete from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Zacks Investment Research lowered Allete from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub upgraded Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Finally, Ladenburg Thalmann Financial Services boosted their price objective on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $75.38.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.42% of the stock is currently owned by company insiders.
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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