Truist Financial Corp Cuts Stock Position in ALLETE, Inc. (NYSE:ALE)

Truist Financial Corp reduced its holdings in ALLETE, Inc. (NYSE:ALE - Free Report) by 30.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,995 shares of the utilities provider's stock after selling 9,335 shares during the period. Truist Financial Corp's holdings in ALLETE were worth $1,309,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ALE. Lazard Asset Management LLC lifted its holdings in ALLETE by 4,157.1% in the 1st 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. acquired a new stake in ALLETE in the 2nd quarter valued at about $74,000. Hantz Financial Services Inc. acquired a new position in shares of ALLETE during the 2nd quarter worth approximately $75,000. GAMMA Investing LLC grew its position in shares of ALLETE by 43.7% in 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. Finally, Covestor Ltd grew its position in shares of ALLETE by 1,118.1% in the first quarter. Covestor Ltd now owns 2,156 shares of the utilities provider's stock valued at $129,000 after purchasing an additional 1,979 shares in the last quarter. Institutional investors and hedge funds own 76.55% of the company's stock.

Analyst Ratings Changes

ALE has been the topic of several analyst reports. StockNews.com started coverage on ALLETE in a report on Sunday, October 6th. They set a "hold" rating on the stock. Sidoti raised shares of ALLETE from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 30th. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $62.00.

ALLETE Stock Down 0.0 %

Shares of ALLETE stock traded down $0.02 during trading on Friday, hitting $64.34. 310,994 shares of the stock were exchanged, compared to its average volume of 368,458. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.83. The firm's 50-day moving average price is $63.84 and its 200 day moving average price is $62.69. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 15.47 and a beta of 0.80. ALLETE, Inc. has a 12-month low of $52.14 and a 12-month high of $65.86.

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

ALLETE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a dividend of $0.7005 per share. This represents a $2.80 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Thursday, August 15th. ALLETE's dividend payout ratio (DPR) is presently 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.