Metropolitan Life Insurance Co NY Decreases Stake in ALLETE Inc (NYSE:ALE)

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Metropolitan Life Insurance Co NY lowered its position in shares of ALLETE Inc (NYSE:ALE) by 1.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 29,232 shares of the utilities provider’s stock after selling 432 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in ALLETE were worth $2,555,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently bought and sold shares of ALE. Texas Permanent School Fund boosted its position in ALLETE by 0.4% in the third quarter. Texas Permanent School Fund now owns 35,159 shares of the utilities provider’s stock worth $3,073,000 after purchasing an additional 123 shares during the last quarter. FDx Advisors Inc. grew its position in ALLETE by 3.4% during the second quarter. FDx Advisors Inc. now owns 4,723 shares of the utilities provider’s stock valued at $393,000 after buying an additional 157 shares during the period. Municipal Employees Retirement System of Michigan grew its position in ALLETE by 1.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,530 shares of the utilities provider’s stock valued at $793,000 after buying an additional 160 shares during the period. CWM LLC grew its position in ALLETE by 40.0% during the second quarter. CWM LLC now owns 574 shares of the utilities provider’s stock valued at $48,000 after buying an additional 164 shares during the period. Finally, Evercore Wealth Management LLC increased its holdings in ALLETE by 6.3% during the second quarter. Evercore Wealth Management LLC now owns 2,888 shares of the utilities provider’s stock worth $240,000 after buying an additional 170 shares during the last quarter. 73.55% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Madeleine W. Ludlow sold 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $79.45, for a total value of $95,340.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan R. Hodnik sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $80.31, for a total transaction of $481,860.00. The disclosure for this sale can be found here. Insiders sold a total of 13,200 shares of company stock worth $1,099,080 over the last 90 days. 0.43% of the stock is currently owned by company insiders.

NYSE:ALE opened at $79.43 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.61 and a quick ratio of 0.44. The business has a fifty day simple moving average of $83.16 and a two-hundred day simple moving average of $84.72. ALLETE Inc has a 1 year low of $72.42 and a 1 year high of $88.60. The company has a market capitalization of $4.14 billion, a P/E ratio of 22.00, a P/E/G ratio of 3.09 and a beta of 0.12.

ALLETE (NYSE:ALE) last issued its earnings results on Wednesday, November 6th. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.03). The firm had revenue of $288.30 million during the quarter, compared to the consensus estimate of $305.75 million. ALLETE had a net margin of 14.23% and a return on equity of 8.54%. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 earnings per share. As a group, analysts anticipate that ALLETE Inc will post 3.6 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 15th were paid a $0.587 dividend. This represents a $2.35 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, November 14th. ALLETE’s dividend payout ratio is currently 65.10%.

A number of research firms have weighed in on ALE. Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th.

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