Mesirow Financial Investment Management Equity Management lowered its stake in ALLETE Inc (NYSE:ALE) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 342,831 shares of the utilities provider’s stock after selling 1,710 shares during the period. ALLETE makes up 1.6% of Mesirow Financial Investment Management Equity Management’s investment portfolio, making the stock its 3rd largest position. Mesirow Financial Investment Management Equity Management owned 0.67% of ALLETE worth $24,573,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Glen Harbor Capital Management LLC increased its position in ALLETE by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the last quarter. LS Investment Advisors LLC increased its position in ALLETE by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the last quarter. Tyers Asset Management LLC increased its position in ALLETE by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock worth $140,000 after buying an additional 242 shares during the last quarter. Flinton Capital Management LLC increased its position in ALLETE by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock worth $178,000 after buying an additional 308 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new position in ALLETE during the first quarter worth approximately $203,000. Institutional investors own 72.64% of the company’s stock.

Shares of ALLETE Inc (NYSE ALE) opened at 74.23 on Tuesday. The firm has a market capitalization of $3.78 billion, a PE ratio of 21.84 and a beta of 0.48. ALLETE Inc has a 12 month low of $56.48 and a 12 month high of $74.59. The company has a 50 day moving average price of $72.17 and a 200-day moving average price of $69.12.

ALLETE (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.17. ALLETE had a return on equity of 7.37% and a net margin of 10.44%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same period in the previous year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts expect that ALLETE Inc will post $3.36 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, August 11th. ALLETE’s payout ratio is 63.13%.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by Daily Political and is owned by of Daily Political. If you are viewing this news story on another site, it was illegally copied and republished in violation of international trademark and copyright laws. The correct version of this news story can be read at https://www.dailypolitical.com/2017/08/08/mesirow-financial-investment-management-equity-management-lowers-stake-in-allete-inc-nyseale.html.

ALE has been the topic of a number of recent analyst reports. Williams Capital increased their price objective on ALLETE from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, April 21st. Zacks Investment Research upgraded ALLETE from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Wednesday, July 26th. BidaskClub upgraded ALLETE from a “hold” rating to a “buy” rating in a report on Friday. Finally, Ladenburg Thalmann Financial Services increased their price objective on ALLETE from $71.00 to $77.00 and gave the company a “buy” rating in a report on Friday, June 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. ALLETE currently has a consensus rating of “Buy” and an average price target of $75.38.

About ALLETE

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

Receive News & Ratings for ALLETE Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE Inc and related companies with MarketBeat.com's FREE daily email newsletter.