ClariVest Asset Management LLC Reduces Position in ALLETE Inc (NYSE:ALE)

ClariVest Asset Management LLC lowered its position in ALLETE Inc (NYSE:ALE) by 25.4% during the first quarter, Holdings Channel reports. The institutional investor owned 22,000 shares of the utilities provider’s stock after selling 7,500 shares during the period. ClariVest Asset Management LLC’s holdings in ALLETE were worth $1,809,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ALE. FMR LLC increased its holdings in ALLETE by 13,073.2% in the fourth quarter. FMR LLC now owns 214,459 shares of the utilities provider’s stock worth $16,346,000 after buying an additional 212,831 shares during the last quarter. BlackRock Inc. grew its holdings in ALLETE by 2.6% during the fourth quarter. BlackRock Inc. now owns 6,117,904 shares of the utilities provider’s stock valued at $466,306,000 after purchasing an additional 154,336 shares during the last quarter. State of Tennessee Treasury Department acquired a new position in ALLETE during the first quarter valued at approximately $5,889,000. Vanguard Group Inc grew its holdings in ALLETE by 1.4% during the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after purchasing an additional 71,585 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in ALLETE during the fourth quarter valued at approximately $5,102,000. Hedge funds and other institutional investors own 71.75% of the company’s stock.

In other news, Director Madeleine W. Ludlow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $82.51, for a total value of $165,020.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn W. Dindo sold 735 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.03, for a total value of $60,292.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,620 shares of company stock worth $1,131,100. Corporate insiders own 0.43% of the company’s stock.

Shares of ALE stock opened at $84.73 on Friday. ALLETE Inc has a 12 month low of $72.06 and a 12 month high of $86.52. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.50 and a current ratio of 1.73. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 22.34, a P/E/G ratio of 3.24 and a beta of 0.27.

ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The company had revenue of $357.20 million for the quarter, compared to analyst estimates of $364.00 million. During the same quarter last year, the business earned $0.99 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. On average, sell-side analysts anticipate that ALLETE Inc will post 3.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.5875 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $2.35 annualized dividend and a yield of 2.77%. ALLETE’s dividend payout ratio (DPR) is presently 65.10%.

Several equities analysts have commented on the company. Zacks Investment Research downgraded ALLETE from a “buy” rating to a “hold” rating in a report on Monday, March 11th. ValuEngine upgraded ALLETE from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Finally, Williams Capital upgraded ALLETE from a “sell” rating to a “hold” rating and increased their price target for the company from $69.00 to $76.00 in a report on Tuesday, February 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $79.06.

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About ALLETE

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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