Probity Advisors Inc. Grows Stock Holdings in ALLETE, Inc. (NYSE:ALE)

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Probity Advisors Inc. raised its stake in ALLETE, Inc. (NYSE:ALE) by 20.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,865 shares of the utilities provider’s stock after buying an additional 815 shares during the period. Probity Advisors Inc.’s holdings in ALLETE were worth $252,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in shares of ALLETE by 1.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,106,238 shares of the utilities provider’s stock worth $57,237,000 after purchasing an additional 19,059 shares during the period. Swiss National Bank lifted its position in shares of ALLETE by 1.7% in the 3rd quarter. Swiss National Bank now owns 117,400 shares of the utilities provider’s stock worth $6,074,000 after purchasing an additional 2,000 shares during the period. Sei Investments Co. lifted its position in shares of ALLETE by 3.0% in the 3rd quarter. Sei Investments Co. now owns 189,407 shares of the utilities provider’s stock worth $9,800,000 after purchasing an additional 5,478 shares during the period. Aperio Group LLC lifted its position in shares of ALLETE by 22.7% in the 3rd quarter. Aperio Group LLC now owns 43,780 shares of the utilities provider’s stock worth $2,265,000 after purchasing an additional 8,112 shares during the period. Finally, California Public Employees Retirement System lifted its position in shares of ALLETE by 2.4% in the 3rd quarter. California Public Employees Retirement System now owns 119,557 shares of the utilities provider’s stock worth $6,186,000 after purchasing an additional 2,754 shares during the period. 72.25% of the stock is owned by institutional investors.

NYSE:ALE traded down $0.78 during midday trading on Tuesday, reaching $57.99. 1,959 shares of the stock traded hands, compared to its average volume of 354,965. ALLETE, Inc. has a 12-month low of $48.22 and a 12-month high of $84.71. The business has a 50-day moving average of $54.04 and a two-hundred day moving average of $55.50. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.19 and a current ratio of 0.42. The stock has a market capitalization of $3.05 billion, a PE ratio of 17.23 and a beta of 0.35.

ALLETE (NYSE:ALE) last posted its earnings results on Saturday, November 14th. The utilities provider reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.14. ALLETE had a net margin of 15.33% and a return on equity of 7.29%. The company had revenue of $293.90 million during the quarter, compared to analysts’ expectations of $292.90 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. ALLETE’s revenue for the quarter was up 1.9% compared to the same quarter last year. Research analysts anticipate that ALLETE, Inc. will post 3.31 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be given a dividend of $0.6175 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.47 dividend on an annualized basis and a yield of 4.26%. ALLETE’s payout ratio is 74.17%.

Several brokerages have recently weighed in on ALE. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Monday. Mizuho lowered their price target on shares of ALLETE from $66.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $59.25.

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, hydroelectric, natural gas-fired, biomass co-fired, and solar. The company provides regulated utility electric service in northeastern Minnesota to approximately 145,000 retail customers, as well as 15 non-affiliated municipal customers; and regulated utility 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.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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