Mutual of America Capital Management LLC Has $3.21 Million Stake in ALLETE, Inc. (NYSE:ALE)

Mutual of America Capital Management LLC raised its holdings in ALLETE, Inc. (NYSE:ALEGet Rating) by 2.0% in the first quarter, Holdings Channel reports. The fund owned 47,945 shares of the utilities provider’s stock after acquiring an additional 926 shares during the period. Mutual of America Capital Management LLC’s holdings in ALLETE were worth $3,211,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALE. Creative Financial Designs Inc. ADV bought a new stake in shares of ALLETE in the first quarter valued at about $30,000. Amplius Wealth Advisors LLC bought a new stake in shares of ALLETE in the fourth quarter valued at about $33,000. FSB Premier Wealth Management Inc. bought a new stake in shares of ALLETE in the fourth quarter valued at about $35,000. Widmann Financial Services Inc. bought a new stake in shares of ALLETE in the fourth quarter valued at about $35,000. Finally, CWM LLC bought a new stake in shares of ALLETE in the fourth quarter valued at about $52,000. 70.30% of the stock is owned by institutional investors and hedge funds.

ALLETE Stock Performance

ALE opened at $59.58 on Thursday. ALLETE, Inc. has a 52-week low of $56.55 and a 52-week high of $73.10. The firm has a market capitalization of $3.18 billion, a PE ratio of 17.12, a PEG ratio of 1.81 and a beta of 0.61. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.51 and a current ratio of 0.86. The business’s 50-day simple moving average is $59.59 and its 200 day simple moving average is $62.05.

ALLETE (NYSE:ALEGet Rating) last released its quarterly earnings data on Thursday, May 5th. The utilities provider reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.05). The business had revenue of $383.50 million during the quarter, compared to the consensus estimate of $353.25 million. ALLETE had a net margin of 12.55% and a return on equity of 6.23%. ALLETE’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. As a group, sell-side analysts expect that ALLETE, Inc. will post 3.73 earnings per share for the current fiscal year.

ALLETE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Monday, May 16th were paid a $0.65 dividend. The ex-dividend date was Friday, May 13th. This represents a $2.60 annualized dividend and a yield of 4.36%. ALLETE’s dividend payout ratio is 74.71%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Bank of America started coverage on ALLETE in a report on Wednesday, May 25th. They issued a “neutral” rating and a $63.00 price target on the stock. StockNews.com started coverage on ALLETE in a report on Thursday, March 31st. They set a “hold” rating on the stock.

ALLETE Company Profile

(Get Rating)

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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

Further Reading

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