State of Alaska Department of Revenue lowered its stake in shares of ALLETE Inc (NYSE:ALE) by 19.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,819 shares of the utilities provider’s stock after selling 1,128 shares during the period. State of Alaska Department of Revenue’s holdings in ALLETE were worth $400,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. 6 Meridian raised its holdings in shares of ALLETE by 2.1% during the second quarter. 6 Meridian now owns 6,465 shares of the utilities provider’s stock valued at $538,000 after purchasing an additional 131 shares during the period. FDx Advisors Inc. raised its holdings in shares of ALLETE by 3.4% during the second quarter. FDx Advisors Inc. now owns 4,723 shares of the utilities provider’s stock valued at $393,000 after purchasing an additional 157 shares during the period. Advisor Group Inc. raised its holdings in shares of ALLETE by 6.5% during the fourth quarter. Advisor Group Inc. now owns 2,853 shares of the utilities provider’s stock valued at $218,000 after purchasing an additional 173 shares during the period. CWM LLC raised its holdings in shares of ALLETE by 93.4% during the first quarter. CWM LLC now owns 410 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 198 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in shares of ALLETE by 1.5% during the first quarter. Louisiana State Employees Retirement System now owns 13,800 shares of the utilities provider’s stock valued at $1,135,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 71.66% of the company’s stock.

Shares of NYSE:ALE traded up $1.07 during midday trading on Friday, hitting $86.59. 164,536 shares of the company’s stock were exchanged, compared to its average volume of 217,626. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69. The business’s 50 day moving average price is $85.26. The stock has a market cap of $4.47 billion, a P/E ratio of 23.99, a PEG ratio of 3.31 and a beta of 0.25. ALLETE Inc has a 12 month low of $72.42 and a 12 month high of $87.57.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.01). The business had revenue of $357.20 million for the quarter, compared to the consensus estimate of $364.00 million. ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 earnings per share. Analysts expect that ALLETE Inc will post 3.63 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th will be given a dividend of $0.5875 per share. This represents a $2.35 annualized dividend and a dividend yield of 2.71%. ALLETE’s payout ratio is presently 65.10%.

Several research firms have recently commented on ALE. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Monday, May 13th. Zacks Investment Research raised shares of Falcon Minerals from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $81.08.

In other news, Director Madeleine W. Ludlow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $82.51, for a total transaction of $165,020.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan R. Hodnik sold 4,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $84.74, for a total transaction of $338,960.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,620 shares of company stock valued at $1,131,100. 0.43% of the stock is currently owned by insiders.

About ALLETE

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water 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 16 non-affiliated municipal customers.

Featured Article: CBOE Russell 2000® Volatility Index

Want to see what other hedge funds are holding ALE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ALLETE Inc (NYSE:ALE).

Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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