Amalgamated Bank raised its position in shares of Allete, Inc. (NYSE:ALE) by 0.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,318 shares of the utilities provider’s stock after buying an additional 49 shares during the period. Amalgamated Bank’s holdings in Allete were worth $428,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Municipal Employees Retirement System of Michigan increased its position in Allete by 0.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock valued at $763,000 after buying an additional 60 shares in the last quarter. World Asset Management Inc increased its position in Allete by 2.7% in the first quarter. World Asset Management Inc now owns 3,203 shares of the utilities provider’s stock valued at $217,000 after buying an additional 84 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Allete by 0.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,399 shares of the utilities provider’s stock valued at $1,381,000 after buying an additional 130 shares in the last quarter. Texas Permanent School Fund increased its stake in Allete by 0.4% in the first quarter. Texas Permanent School Fund now owns 36,236 shares of the utilities provider’s stock worth $2,454,000 after buying an additional 162 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares in the last quarter. 72.32% of the stock is owned by hedge funds and other institutional investors.
Shares of Allete, Inc. (ALE) traded up 0.96% during midday trading on Friday, hitting $73.45. The stock had a trading volume of 251,512 shares. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $74.59. The stock has a market cap of $3.74 billion, a PE ratio of 23.07 and a beta of 0.48. The stock’s 50-day moving average is $72.37 and its 200-day moving average is $68.52.
Allete (NYSE:ALE) last posted its earnings results on Thursday, May 4th. The utilities provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The firm had revenue of $365.60 million during the quarter, compared to analysts’ expectations of $338 million. Allete had a net margin of 11.55% and a return on equity of 8.78%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 earnings per share. Equities analysts anticipate that Allete, Inc. will post $3.46 EPS for the current year.
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A number of equities analysts recently issued reports on the company. Ladenburg Thalmann Financial Services increased their target price on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. Williams Capital increased their target price on Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, June 19th. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, BidaskClub cut Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $72.88.
In other news, insider Steven Q. Devinck sold 2,000 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total value of $139,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is currently owned by corporate insiders.
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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