On September 8, 2023, it was revealed that FORA Capital LLC had acquired a new position in ALLETE, Inc. The institutional investor purchased 3,425 shares of the utilities provider’s stock during the first quarter, with an estimated value of around $220,000. This news came to light through the company’s 13F filing with the Securities and Exchange Commission (SEC).

ALLETE, Inc., a prominent player in the utilities sector, recently announced its quarterly dividend payment. Shareholders who were recorded on August 15th received a dividend of $0.678 per share on September 1st. This translates to an annualized dividend of $2.71 and offers a yield of 4.96%. It should be noted that the ex-dividend date for this particular payment was on August 14th.

ALLETE’s current dividend payout ratio stands at 79.47%, indicating that a significant portion of its earnings is being allocated towards shareholder dividends.

Investors and industry observers may find this recent development noteworthy as it demonstrates FORA Capital LLC’s confidence in ALLETE as an investment opportunity within the utilities sector.

The addition of these shares by FORA Capital LLC highlights their interest in securing ownership in ALLETE and signifies their belief in the potential growth and stability of the company.

This information provides valuable insight into market trends, particularly for those interested in understanding investment activities within the utilities industry. By analyzing such data, investors can gain an understanding of current market sentiments and potentially make informed decisions regarding their own investment portfolios.

It should be noted that investment decisions are subjective and dependent on various factors unique to each investor’s financial goals and risk tolerance levels.

In conclusion, FORA Capital LLC’s recent acquisition of shares in ALLETE reveals positive sentiment toward the utilities provider within the investment community. This demonstrates confidence in ALLETE’s performance and future prospects as evidenced by its quarterly dividend payment and suggest that it may be worth considering for investors keen on the sector. However, it is important for individual investors to conduct their own research and analysis before making any investment decisions.



Strong Buy

Updated on: 10/09/2023

Price Target

Current $54.81

Concensus $0.00

Low $0.00

Median $0.00

High $0.00

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ALLETE: A Captivating and Enigmatic Energy Provider in the Hedge Fund Industry

In recent months, there has been a flurry of activity in the hedge fund industry regarding ALLETE, a utilities provider. Various hedge funds have been buying and selling shares of the company’s stock, leading to an increased interest in its potential. But what exactly is driving this significant activity?

One of the notable hedge funds that have recently increased their holdings in ALLETE is Exchange Traded Concepts LLC, which raised its holdings by 1.6% during the first quarter of this year. The firm now owns 10,416 shares worth approximately $670,000 after purchasing an additional 163 shares during this period.

Raymond James Financial Services Advisors Inc., another renowned hedge fund, also boosted its holdings in ALLETE by 1.3% during the first quarter. They currently own 17,411 shares worth around $1,166,000 after acquiring an additional 228 shares.

Contravisory Investment Management Inc., known for its strategic investment approach, saw a considerable increase of 7.6% in their holdings of ALLETE stock during Q1. Their current stake amounts to 4,522 shares valued at roughly $291,000 after securing another 321 shares.

Yousif Capital Management LLC demonstrated a marginal increase of 1.2% in their holdings of ALLETE during the same period. They now possess 27,389 shares amounting to approximately $1,835,000 after obtaining an additional 324 shares.

Lastly, Federated Hermes Inc., with a reputation for core investment principles and practices focused on long-term sustainability and growth potential acquired through solid research strategies; registered a modest lift of around 3.5% in their ownership position during Q1. Presently owning around 9,714 shares worth roughly $651,000 after purchasing an extra 327 shares.

Combined with other institutional investors participating in the market frenzy surrounding ALLETE’s stock frenzy reveals that they collectively own nearly 76% of the company’s stock.

Given the recent developments, analysts have begun to scrutinize ALLETE closely. Bank of America, for example, downgraded the company from a “neutral” rating to an “underperform” rating on June 27th. They also lowered their price target for the stock from $63.00 to $54.00. Similarly, Guggenheim decreased their price objective on ALLETE from $54.00 to $49.00 in a report on July 7th.

Mizuho, another reputable analyst firm, has reduced its price target on ALLETE as well; lowering it from $64.00 to $58.00 in a report issued on August 9th.

Furthermore, StockNews.com initiated coverage on ALLETE on August 17th, assigning a “hold” rating to the stock in their report.

As it stands today, two analysts rate the stock as “sell,” four rate it as “hold,” and only one rates it as “buy.” Bloomberg data indicates that there is currently a consensus rating of “Hold” for ALLETE with an average price target of around $60.83.

The stock opened at $54.69 per share on Friday and has shown fluctuations over time. With a market capitalization of approximately $3.14 billion and a beta value of 0.73, ALLETE has been subject to market volatility within its sector.

Currently bearing a price-to-earnings ratio of 16.04 and a price-to-earnings-growth ratio of 1.86 while maintaining a debt-to-equity ratio of 0.50 and quick ratio and current ratio checking respectively at0 .66 and1 .17 makes this utilities provider an object of both curiosity and perplexity among investors seeking dependable returns despite market instability .

ALLETE’s steady fifty-day moving average stands at $56.73 while its 200-day moving average lingers at $60.16.

In prior months, ALLETE released its earnings results for the quarter ending August 8th, which surpassed analyst expectations. The company reported earnings per share (EPS) of $0.90, exceeding analysts’ consensus estimate of $0.78 by a notable margin of $0.12.

Moreover, the firm’s healthy quarterly revenue of $533.40 million came in significantly above analyst projections of $446.41 million. When comparing year-over-year figures, ALLETE recorded a remarkable 43% increase in quarterly revenue. This impressive performance can be attributed to several growth drivers within the utilities sector underpinning ALLETE’s sustained profitability and expansion strategy.

Looking ahead, research analysts anticipate that ALLETE will continue to demonstrate solid financials throughout the remainder of this year and beyond. The consensus among experts suggests that ALLETE, Inc.’s current fiscal year may yield an average earnings per share figure of approximately 3.63.

With its intricate network rooted in hedge fund dealings and institutional investor interest alongside thorough analysis from experienced industry professionals; one can safely deduce that ALLETE’s trajectory will remain both captivating and enigmatic—enticing market observers to embrace this riveting energy provider with measured caution tempered by rational speculation

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