Reaves W H & Co. Inc. cut its stake in shares of Allete, Inc. (NYSE:ALE) by 81.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,377 shares of the utilities provider’s stock after selling 35,800 shares during the period. Reaves W H & Co. Inc.’s holdings in Allete were worth $605,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in ALE. Millennium Management LLC raised its position in shares of Allete by 336.1% during the fourth quarter. Millennium Management LLC now owns 545,149 shares of the utilities provider’s stock worth $40,537,000 after purchasing an additional 420,136 shares during the period. Sei Investments Co. raised its position in shares of Allete by 399.6% during the fourth quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock worth $19,278,000 after purchasing an additional 378,053 shares during the period. Polaris Capital Management LLC raised its position in shares of Allete by 64.5% during the first quarter. Polaris Capital Management LLC now owns 822,800 shares of the utilities provider’s stock worth $59,447,000 after purchasing an additional 322,600 shares during the period. Renaissance Technologies LLC raised its position in shares of Allete by 72.9% during the fourth quarter. Renaissance Technologies LLC now owns 419,499 shares of the utilities provider’s stock worth $31,194,000 after purchasing an additional 176,899 shares during the period. Finally, BlackRock Inc. raised its position in shares of Allete by 1.6% during the fourth quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock worth $497,185,000 after purchasing an additional 108,468 shares during the period. 73.44% of the stock is currently owned by institutional investors.
ALE has been the topic of a number of recent analyst reports. JPMorgan Chase reaffirmed an “underweight” rating and set a $64.00 target price (up from $60.00) on shares of Allete in a research report on Friday, March 16th. Mizuho initiated coverage on Allete in a research report on Wednesday, February 28th. They set a “buy” rating and a $71.50 target price on the stock. Zacks Investment Research lowered Allete from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Guggenheim reaffirmed a “hold” rating and set a $63.00 target price on shares of Allete in a research report on Friday, February 23rd. Finally, Williams Capital raised Allete from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $72.64.
In related news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $75.16, for a total transaction of $60,128.00. Following the transaction, the director now directly owns 15,684 shares of the company’s stock, valued at $1,178,809.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is currently owned by insiders.
Allete opened at $77.78 on Monday, Marketbeat.com reports. The firm has a market cap of $3.99 billion, a P/E ratio of 23.08, a price-to-earnings-growth ratio of 3.51 and a beta of 0.30. Allete, Inc. has a 1-year low of $66.64 and a 1-year high of $81.24. The company has a current ratio of 1.01, a quick ratio of 0.65 and a debt-to-equity ratio of 0.67.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.01. The firm had revenue of $358.20 million for the quarter, compared to analyst estimates of $355.00 million. Allete had a return on equity of 8.40% and a net margin of 12.34%. Allete’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 earnings per share. equities research analysts predict that Allete, Inc. will post 3.36 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Tuesday, May 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.88%. The ex-dividend date is Monday, May 14th. Allete’s payout ratio is 70.22%.
Allete Company Profile
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.
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