ALLETE, Inc. (NYSE:ALE) Shares Bought by Summit Global Investments

Summit Global Investments grew its position in ALLETE, Inc. (NYSE:ALE) by 5.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,528 shares of the utilities provider’s stock after acquiring an additional 1,236 shares during the quarter. Summit Global Investments’ holdings in ALLETE were worth $1,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC acquired a new stake in shares of ALLETE during the first quarter worth $854,000. Boston Partners raised its stake in ALLETE by 59.2% during the first quarter. Boston Partners now owns 30,441 shares of the utilities provider’s stock worth $1,816,000 after acquiring an additional 11,321 shares during the period. Dimensional Fund Advisors LP lifted its holdings in ALLETE by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock worth $54,355,000 after acquiring an additional 24,690 shares during the last quarter. SG Americas Securities LLC boosted its stake in ALLETE by 167.1% in the first quarter. SG Americas Securities LLC now owns 34,723 shares of the utilities provider’s stock valued at $2,071,000 after acquiring an additional 21,725 shares during the period. Finally, Gilliland Jeter Wealth Management LLC bought a new position in shares of ALLETE during the fourth quarter valued at approximately $801,000. 76.55% of the stock is currently owned by institutional investors.

ALLETE Stock Performance

ALLETE stock traded up $0.09 during mid-day trading on Wednesday, hitting $63.38. 119,297 shares of the company’s stock traded hands, compared to its average volume of 392,743. ALLETE, Inc. has a one year low of $49.29 and a one year high of $65.86. The firm has a 50 day moving average price of $63.43 and a 200 day moving average price of $61.09. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. The company has a market cap of $3.66 billion, a PE ratio of 15.21 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The company had revenue of $354.50 million during the quarter, compared to analyst estimates of $547.24 million. During the same period in the prior year, the company posted $0.90 earnings per share. The company’s revenue was down 33.6% on a year-over-year basis.

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th will be issued a $0.7005 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.80 annualized dividend and a dividend yield of 4.42%. ALLETE’s dividend payout ratio (DPR) is 67.79%.

Analyst Ratings Changes

ALE has been the topic of several recent research reports. StockNews.com initiated coverage on ALLETE in a report on Monday. They issued a “hold” rating on the stock. Mizuho boosted their price target on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, ALLETE presently has an average rating of “Hold” and an average price target of $62.00.

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.