Pinebridge Investments L.P. lowered its position in shares of Allete, Inc. (NYSE:ALE) by 3.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,850 shares of the utilities provider’s stock after selling 1,995 shares during the period. Pinebridge Investments L.P. owned 0.12% of Allete worth $4,218,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Allete by 15,718.2% during the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock worth $437,952,000 after purchasing an additional 6,427,188 shares during the period. Vanguard Group Inc. increased its stake in Allete by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock worth $324,185,000 after acquiring an additional 265,592 shares during the period. Principal Financial Group Inc. increased its stake in Allete by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares during the period. State Street Corp increased its stake in Allete by 2.0% during the 1st quarter. State Street Corp now owns 1,275,605 shares of the utilities provider’s stock worth $86,373,000 after acquiring an additional 25,334 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Allete by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 973,827 shares of the utilities provider’s stock worth $65,937,000 after acquiring an additional 16,200 shares during the period. Institutional investors own 70.99% of the company’s stock.
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A number of research firms have commented on ALE. ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. BidaskClub upgraded Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Williams Capital raised their price objective on Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services raised their price objective on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $78.67.
Allete, Inc. (NYSE:ALE) traded up 0.511% during trading on Thursday, reaching $77.685. The company’s stock had a trading volume of 8,479 shares. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 22.855 and a beta of 0.48. The stock’s 50 day moving average is $76.19 and its 200 day moving average is $71.78. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $79.61.
Allete (NYSE:ALE) last posted its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. The firm had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 earnings per share. On average, equities analysts expect that Allete, Inc. will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were given a dividend of $0.535 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $2.14 annualized dividend and a dividend yield of 2.77%. Allete’s dividend payout ratio is currently 63.13%.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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