SG Americas Securities LLC has increased its stake in ALLETE, Inc., a utilities provider, by 62.4% during the second quarter, according to the company’s recent Form 13F filing with the SEC. The institutional investor now owns 102,919 shares of ALLETE’s stock, a 62.4% increase from the previous quarter. The stake is worth $5.97 million.
Other institutional investors have also bought and sold shares of ALLETE. Exchange Traded Concepts LLC grew its stake by 1.6% in the first quarter, while Raymond James Financial Services Advisors Inc. and Belpointe Asset Management LLC lifted their positions by 1.3% and 105.4% respectively during the same period. Contravisory Investment Management Inc. and Yousif Capital Management LLC also increased their stakes in ALLETE by 7.6% and 1.2% respectively.
ALLETE, Inc. has a market capitalization of $3.25 billion and a P/E ratio of 16.59. The company’s stock opened at $56.56 on Friday. ALLETE recently reported earnings of $0.90 per share for the quarter, beating analysts’ estimates of $0.78 per share. The company’s quarterly revenue was $533.40 million, up 43% from the same quarter last year.
ALLETE, Inc. operates as an energy company and provides regulated utility electric services in northwestern Wisconsin and northeastern Minnesota. The company generates electricity from various sources including coal-fired, biomass co-fired/natural gas, hydroelectric, wind, and solar.
Analysts have mixed opinions on ALLETE’s stock, with two analysts rating it as a sell, four as hold, and one as buy. The consensus target price for the stock is $60.83.
ALLETE recently paid a quarterly dividend of $0.678 per share to its investors, representing an annualized dividend of $2.71 and a yield of 4.79%. The stock has a dividend payout ratio of 79.47%.
Sources:
- ALLETE, Inc. 13F filing with the SEC
- Exchange Traded Concepts LLC
- Raymond James Financial Services Advisors Inc.
- Belpointe Asset Management LLC
- Contravisory Investment Management Inc.
- Yousif Capital Management LLC
- Bank of America
- Mizuho
- StockNews.com
- Guggenheim
- MarketBeat