Millennium Management LLC Acquires 812,548 Shares of ALLETE, Inc. (NYSE:ALE)

Millennium Management LLC raised its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 955.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 897,622 shares of the utilities provider’s stock after acquiring an additional 812,548 shares during the quarter. Millennium Management LLC owned about 1.55% of ALLETE worth $55,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. AQR Capital Management LLC raised its holdings in ALLETE by 9.9% during the 2nd quarter. AQR Capital Management LLC now owns 385,750 shares of the utilities provider’s stock valued at $24,052,000 after acquiring an additional 34,810 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in ALLETE during the 2nd quarter valued at $74,000. Point72 Hong Kong Ltd bought a new stake in ALLETE during the 2nd quarter valued at $1,162,000. Squarepoint Ops LLC bought a new stake in ALLETE during the 2nd quarter valued at $10,161,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of ALLETE in the second quarter worth $1,063,000. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of ALLETE in a report on Saturday. They issued a “hold” rating on the stock. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $62.00.

ALLETE Trading Down 0.3 %

ALLETE stock opened at $64.19 on Tuesday. The stock has a market cap of $3.71 billion, a P/E ratio of 15.43 and a beta of 0.80. ALLETE, Inc. has a fifty-two week low of $49.29 and a fifty-two week high of $65.86. The firm’s fifty day moving average price is $63.88 and its 200-day moving average price is $62.33. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45.

ALLETE (NYSE:ALE) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.30). ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The firm had revenue of $354.50 million during the quarter, compared to the consensus estimate of $547.24 million. During the same period in the previous year, the company posted $0.90 EPS. The company’s revenue for the quarter was down 33.6% compared to the same quarter last year.

ALLETE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a $0.7005 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.80 annualized dividend and a yield of 4.37%. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.