Invenomic Capital Management LP Has $14.96 Million Stock Holdings in ALLETE, Inc. (NYSE:ALE)

Invenomic Capital Management LP raised its holdings in ALLETE, Inc. (NYSE:ALE) by 154.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 250,895 shares of the utilities provider’s stock after acquiring an additional 152,294 shares during the quarter. Invenomic Capital Management LP’s holdings in ALLETE were worth $14,963,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of ALLETE by 0.5% in the first quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock worth $394,548,000 after buying an additional 35,992 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in ALLETE by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock valued at $54,355,000 after purchasing an additional 24,690 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in ALLETE by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 716,941 shares of the utilities provider’s stock valued at $43,848,000 after purchasing an additional 22,139 shares during the last quarter. Sei Investments Co. raised its stake in ALLETE by 2.7% during the 1st quarter. Sei Investments Co. now owns 308,300 shares of the utilities provider’s stock valued at $18,387,000 after purchasing an additional 7,981 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in ALLETE by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 278,294 shares of the utilities provider’s stock valued at $16,597,000 after purchasing an additional 11,219 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

ALLETE Price Performance

NYSE:ALE traded down $0.17 during mid-day trading on Tuesday, reaching $64.39. 208,539 shares of the company were exchanged, compared to its average volume of 398,882. ALLETE, Inc. has a 12 month low of $49.29 and a 12 month high of $65.86. The company has a fifty day moving average of $63.09 and a 200 day moving average of $60.60. The company has a quick ratio of 0.96, a current ratio of 1.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $3.72 billion, a PE ratio of 15.48 and a beta of 0.80.

ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). ALLETE had a return on equity of 7.21% and a net margin of 13.94%. The company had revenue of $403.30 million for the quarter, compared to the consensus estimate of $581.26 million. On average, research analysts anticipate that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be given a dividend of $0.7005 per share. The ex-dividend date is Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.35%. ALLETE’s payout ratio is presently 67.79%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ALE. StockNews.com began coverage on shares of ALLETE in a report on Friday. They issued a “hold” rating on the stock. Mizuho boosted their price target on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, ALLETE has an average rating of “Hold” and a consensus price target of $62.00.

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.