Envestnet Asset Management Inc. Has $2.01 Million Stock Position in ALLETE, Inc. (NYSE:ALE)

Envestnet Asset Management Inc. lessened its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 6.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 32,270 shares of the utilities provider’s stock after selling 2,221 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ALLETE were worth $2,012,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in shares of ALLETE by 139.4% in the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 407 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of ALLETE by 4,157.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock valued at $71,000 after purchasing an additional 1,164 shares during the period. Hantz Financial Services Inc. bought a new stake in ALLETE during the 2nd quarter worth approximately $75,000. Clear Street Markets LLC acquired a new stake in ALLETE during the 4th quarter worth approximately $92,000. Finally, GAMMA Investing LLC lifted its stake in ALLETE by 43.7% in the first quarter. GAMMA Investing LLC now owns 1,869 shares of the utilities provider’s stock valued at $111,000 after buying an additional 568 shares in the last quarter. Institutional investors and hedge funds own 76.55% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ALE shares. Sidoti raised shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. StockNews.com assumed coverage on shares of ALLETE in a research note on Sunday. They issued a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $62.00.

ALLETE Trading Down 0.1 %

NYSE:ALE opened at $64.21 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. ALLETE, Inc. has a twelve month low of $51.31 and a twelve month high of $65.86. The business has a 50 day moving average price of $63.86 and a two-hundred day moving average price of $62.45. The company has a market cap of $3.71 billion, a P/E ratio of 15.44 and a beta of 0.80.

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

ALLETE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.7005 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.36%. ALLETE’s payout ratio is 67.79%.

About ALLETE

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.