MetLife Investment Advisors LLC acquired a new stake in shares of Allete, Inc. (NYSE:ALE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 23,439 shares of the utilities provider’s stock, valued at approximately $1,743,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quadrature Capital Ltd acquired a new position in shares of Allete during the 4th quarter valued at about $375,000. Charter Research & Investment Group Inc. purchased a new stake in shares of Allete during the 4th quarter worth about $223,000. Swiss National Bank grew its holdings in shares of Allete by 2.0% during the 4th quarter. Swiss National Bank now owns 86,800 shares of the utilities provider’s stock worth $6,454,000 after purchasing an additional 1,700 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Allete during the 3rd quarter worth about $289,000. Finally, Ameriprise Financial Inc. grew its holdings in shares of Allete by 11.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 316,862 shares of the utilities provider’s stock worth $24,492,000 after purchasing an additional 32,972 shares during the period. 73.47% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on ALE shares. Mizuho started coverage on Allete in a report on Wednesday, February 28th. They set a “buy” rating and a $71.50 target price for the company. Williams Capital upgraded Allete from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a report on Friday, February 2nd. Wells Fargo set a $71.00 target price on Allete and gave the stock a “hold” rating in a report on Tuesday, February 13th. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Guggenheim reiterated a “hold” rating and set a $63.00 target price on shares of Allete in a report on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Allete currently has an average rating of “Hold” and a consensus target price of $73.07.
In other Allete news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction that occurred on Monday, March 26th. The stock was sold at an average price of $70.51, for a total value of $56,408.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.42% of the stock is owned by corporate insiders.
Shares of NYSE:ALE opened at $71.72 on Friday. The stock has a market cap of $3,667.51, a PE ratio of 21.41, a PEG ratio of 3.25 and a beta of 0.32. Allete, Inc. has a 1 year low of $66.64 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.05 and a quick ratio of 0.77.
Allete (NYSE:ALE) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.13). The company had revenue of $337.90 million during the quarter, compared to analysts’ expectations of $348.00 million. Allete had a return on equity of 8.40% and a net margin of 12.13%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 EPS. sell-side analysts forecast that Allete, Inc. will post 3.34 EPS for the current year.
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Allete Company Profile
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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