Point72 Asia Singapore Pte. Ltd. Makes New Investment in ALLETE, Inc. (NYSE:ALE)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ALLETE, Inc. (NYSE:ALE) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,193 shares of the utilities provider’s stock, valued at approximately $74,000.

Other large investors have also recently made changes to their positions in the company. Water Island Capital LLC bought a new position in shares of ALLETE during the 2nd quarter valued at approximately $11,583,000. Creative Planning increased its holdings in shares of ALLETE by 204.1% in the 2nd quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 14,076 shares during the last quarter. Algert Global LLC raised its position in shares of ALLETE by 16.5% during the 2nd quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock valued at $2,556,000 after buying an additional 5,808 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of ALLETE by 955.1% in the 2nd quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock valued at $55,967,000 after acquiring an additional 812,548 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in ALLETE by 9.9% in the second quarter. AQR Capital Management LLC now owns 385,750 shares of the utilities provider’s stock worth $24,052,000 after acquiring an additional 34,810 shares in the last quarter. 76.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a report on Monday, September 30th. StockNews.com initiated coverage on shares of ALLETE in a research note on Saturday, September 28th. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $62.00.

ALLETE Price Performance

ALE opened at $64.23 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $63.86 and a 200 day moving average of $62.40. ALLETE, Inc. has a 52-week low of $51.31 and a 52-week high of $65.86. The stock has a market cap of $3.71 billion, a P/E ratio of 15.44 and a beta of 0.80.

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

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a dividend of $0.7005 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 annualized dividend and a yield of 4.36%. ALLETE’s payout ratio is currently 67.79%.

ALLETE Company 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.