Vanguard Group Inc. raised its stake in Allete, Inc. (NYSE:ALE) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,960,166 shares of the utilities provider’s stock after buying an additional 172,317 shares during the period. Vanguard Group Inc. owned about 9.73% of Allete worth $355,545,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALE. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Allete by 8.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. raised its stake in Allete by 2.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares during the period. LS Investment Advisors LLC raised its stake in Allete by 5.6% during the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the period. Piedmont Investment Advisors LLC acquired a new position in Allete during the 1st quarter worth approximately $203,000. Finally, HighTower Advisors LLC acquired a new position in Allete during the 1st quarter worth approximately $207,000. Hedge funds and other institutional investors own 70.99% of the company’s stock.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the business’s stock in a transaction that occurred 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 filing with the SEC, which is available through the SEC website. 0.42% of the stock is currently owned by insiders.
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Shares of Allete, Inc. (ALE) opened at 78.01 on Tuesday. Allete, Inc. has a 52-week low of $56.48 and a 52-week high of $79.69. The firm’s 50 day moving average price is $77.90 and its 200 day moving average price is $73.24. The stock has a market cap of $3.90 billion, a P/E ratio of 24.84 and a beta of 0.48.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. During the same period in the previous year, the firm earned $0.50 earnings per share. Allete’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, analysts expect that Allete, Inc. will post $3.37 EPS for the current year.
ALE has been the subject of several analyst reports. Williams Capital reissued a “hold” rating and issued a $79.00 price objective on shares of Allete in a research note on Thursday, October 12th. J P Morgan Chase & Co increased their price objective on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday, October 12th. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating and set a $88.00 price objective for the company in a research note on Tuesday, October 10th. ValuEngine raised Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Finally, BidaskClub raised Allete from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Allete currently has an average rating of “Hold” and a consensus price target of $79.25.
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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