State of New Jersey Common Pension Fund D Sells 19,716 Shares of ALLETE, Inc. (NYSE:ALE)

State of New Jersey Common Pension Fund D trimmed its stake in shares of ALLETE, Inc. (NYSE:ALE) by 39.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,877 shares of the utilities provider’s stock after selling 19,716 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in ALLETE were worth $1,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Quest Partners LLC raised its position in shares of ALLETE by 17.7% during the second quarter. Quest Partners LLC now owns 9,844 shares of the utilities provider’s stock worth $614,000 after acquiring an additional 1,478 shares during the last quarter. Trium Capital LLP bought a new stake in ALLETE in the second quarter worth approximately $1,922,000. New York Life Investment Management LLC increased its holdings in ALLETE by 1,558.0% in the second quarter. New York Life Investment Management LLC now owns 102,679 shares of the utilities provider’s stock worth $6,402,000 after purchasing an additional 96,486 shares in the last quarter. Arizona State Retirement System increased its holdings in ALLETE by 2.2% in the second quarter. Arizona State Retirement System now owns 16,143 shares of the utilities provider’s stock worth $1,007,000 after purchasing an additional 347 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in ALLETE in the second quarter worth approximately $2,141,000. 76.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on ALLETE in a report on Friday. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $62.00.

ALLETE Trading Down 0.0 %

Shares of ALLETE stock opened at $63.85 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45. ALLETE, Inc. has a 52 week low of $49.29 and a 52 week high of $65.86. The stock has a 50 day moving average price of $63.84 and a two-hundred day moving average price of $62.06. The stock has a market capitalization of $3.69 billion, a PE ratio of 15.35 and a beta of 0.80.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.30). The company had revenue of $354.50 million for the quarter, compared to analysts’ expectations of $547.24 million. ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The firm’s quarterly revenue was down 33.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS.

ALLETE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.7005 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.39%. ALLETE’s dividend payout ratio (DPR) is currently 67.79%.

ALLETE Profile

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.