Inspire Investing LLC Decreases Stock Position in ALLETE, Inc. (NYSE:ALE)

Inspire Investing LLC lessened its position in shares of ALLETE, Inc. (NYSE:ALE) by 34.8% during the third quarter, Holdings Channel reports. The institutional investor owned 3,960 shares of the utilities provider’s stock after selling 2,112 shares during the quarter. Inspire Investing LLC’s holdings in ALLETE were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its holdings in ALLETE by 11.3% in the 2nd quarter. BlackRock Inc. now owns 7,122,323 shares of the utilities provider’s stock worth $498,418,000 after acquiring an additional 720,267 shares during the last quarter. Brookfield Asset Management Inc. boosted its position in ALLETE by 25.0% during the second quarter. Brookfield Asset Management Inc. now owns 959,158 shares of the utilities provider’s stock worth $67,122,000 after purchasing an additional 191,825 shares during the period. Goldman Sachs Group Inc. boosted its position in ALLETE by 18.5% during the second quarter. Goldman Sachs Group Inc. now owns 1,031,190 shares of the utilities provider’s stock worth $72,163,000 after purchasing an additional 161,251 shares during the period. Victory Capital Management Inc. increased its stake in shares of ALLETE by 10.2% in the third quarter. Victory Capital Management Inc. now owns 1,423,023 shares of the utilities provider’s stock worth $84,699,000 after purchasing an additional 131,423 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of ALLETE by 2.2% in the second quarter. Vanguard Group Inc. now owns 5,335,907 shares of the utilities provider’s stock valued at $373,407,000 after purchasing an additional 113,724 shares during the period. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE stock opened at $65.85 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.29 and a current ratio of 0.43. ALLETE, Inc. has a fifty-two week low of $56.84 and a fifty-two week high of $73.10. The stock has a market cap of $3.46 billion, a P/E ratio of 22.32, a PEG ratio of 2.85 and a beta of 0.57. The firm’s fifty day moving average price is $64.02 and its 200-day moving average price is $65.33.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, November 4th. The utilities provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). ALLETE had a return on equity of 5.44% and a net margin of 11.52%. The business had revenue of $345.70 million during the quarter, compared to the consensus estimate of $300.20 million. During the same quarter in the prior year, the company earned $0.78 earnings per share. ALLETE’s revenue was up 17.6% compared to the same quarter last year. Sell-side analysts predict that ALLETE, Inc. will post 3.15 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 1st. Shareholders of record on Monday, November 15th were given a dividend of $0.63 per share. The ex-dividend date was Friday, November 12th. This represents a $2.52 annualized dividend and a yield of 3.83%. ALLETE’s payout ratio is presently 85.42%.

A number of research analysts recently weighed in on the stock. TheStreet upgraded shares of ALLETE from a “c+” rating to a “b” rating in a research note on Thursday, January 6th. Zacks Investment Research upgraded ALLETE from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a research note on Wednesday. Finally, Mizuho raised their target price on ALLETE from $62.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, December 10th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $69.25.

About ALLETE

ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities; Minnesota Power; SWL&P; and investment in ATC, which regulates utilities that owns and maintains electric transmission assets.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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