Mackenzie Financial Corp Has $230,000 Holdings in ALLETE, Inc. (NYSE:ALE)

Mackenzie Financial Corp trimmed its stake in ALLETE, Inc. (NYSE:ALE - Free Report) by 96.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,686 shares of the utilities provider's stock after selling 93,640 shares during the quarter. Mackenzie Financial Corp's holdings in ALLETE were worth $230,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC raised its stake in shares of ALLETE by 4,157.1% during the first quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 1,164 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ALLETE during the second quarter valued at about $74,000. Hantz Financial Services Inc. bought a new stake in shares of ALLETE during the second quarter valued at about $75,000. Clear Street Markets LLC bought a new stake in shares of ALLETE during the fourth quarter valued at about $92,000. Finally, GAMMA Investing LLC raised its stake in shares of ALLETE by 43.7% during the first quarter. GAMMA Investing LLC now owns 1,869 shares of the utilities provider's stock valued at $111,000 after purchasing an additional 568 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ALE shares. Sidoti upgraded shares of ALLETE from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 30th. StockNews.com began coverage on shares of ALLETE in a research note on Sunday. They set a "hold" rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat, ALLETE currently has an average rating of "Hold" and an average target price of $62.00.

ALLETE Price Performance

NYSE:ALE traded down $0.13 during mid-day trading on Tuesday, reaching $63.99. 213,610 shares of the stock were exchanged, compared to its average volume of 369,672. The business has a fifty day moving average price of $63.84 and a 200 day moving average price of $62.59. The firm has a market capitalization of $3.70 billion, a PE ratio of 15.38 and a beta of 0.80. ALLETE, Inc. has a 1-year low of $52.14 and a 1-year high of $65.86. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51.

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

ALLETE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were paid a $0.7005 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.38%. ALLETE's dividend payout ratio 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.