Rhumbline Advisers Has $12.83 Million Stock Holdings in Allete, Inc. $ALE

Rhumbline Advisers grew its position in Allete, Inc. (NYSE:ALE) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,317 shares of the utilities provider’s stock after purchasing an additional 3,370 shares during the quarter. Rhumbline Advisers owned approximately 0.35% of Allete worth $12,834,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ALE. Nuveen LLC acquired a new position in Allete in the 1st quarter valued at $29,913,000. AQR Arbitrage LLC boosted its holdings in Allete by 39.7% during the first quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider’s stock valued at $77,768,000 after acquiring an additional 336,210 shares during the period. Credit Industriel ET Commercial acquired a new stake in shares of Allete in the second quarter valued at about $10,182,000. Absolute Gestao de Investimentos Ltda. increased its stake in shares of Allete by 52.9% in the first quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider’s stock worth $25,541,000 after purchasing an additional 134,578 shares during the period. Finally, Advisors Preferred LLC acquired a new position in shares of Allete during the 2nd quarter worth about $8,296,000. 76.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ALE. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Allete in a report on Tuesday, November 25th. Wall Street Zen cut Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Allete has an average rating of “Buy”.

Allete Stock Performance

NYSE ALE opened at $67.62 on Monday. Allete, Inc. has a twelve month low of $62.38 and a twelve month high of $67.64. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.93 billion, a P/E ratio of 21.33 and a beta of 0.84. The company’s 50-day simple moving average is $67.07 and its 200 day simple moving average is $65.63.

Allete (NYSE:ALE) last announced its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.34). Allete had a return on equity of 5.71% and a net margin of 11.98%.The business had revenue of $375.00 million for the quarter, compared to the consensus estimate of $434.90 million.

Allete Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.