Allete Inc. (ALE) Shares Sold by Eagle Asset Management Inc.
Eagle Asset Management Inc. reduced its position in Allete Inc. (NYSE:ALE) by 1.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 258,056 shares of the company’s stock after selling 4,397 shares during the period. Eagle Asset Management Inc. owned 0.52% of Allete worth $15,385,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Creative Planning raised its position in Allete by 1.4% in the third quarter. Creative Planning now owns 13,437 shares of the company’s stock worth $801,000 after buying an additional 188 shares during the last quarter. Eqis Capital Management Inc. bought a new position in Allete during the third quarter worth $252,000. Mason Street Advisors LLC bought a new position in Allete during the second quarter worth $585,000. Aristotle Capital Boston LLC raised its position in Allete by 2.3% in the second quarter. Aristotle Capital Boston LLC now owns 137,158 shares of the company’s stock worth $8,865,000 after buying an additional 3,099 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Allete by 0.3% in the second quarter. IFP Advisors Inc now owns 8,122 shares of the company’s stock worth $525,000 after buying an additional 27 shares during the last quarter. Institutional investors own 72.21% of the company’s stock.
Allete Inc. (NYSE:ALE) traded down 1.68% during midday trading on Wednesday, hitting $62.68. The stock had a trading volume of 103,242 shares. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 23.89 and a beta of 0.48. Allete Inc. has a 12 month low of $47.93 and a 12 month high of $65.41. The stock has a 50 day moving average of $59.88 and a 200 day moving average of $60.50.
Allete (NYSE:ALE) last released its quarterly earnings data on Friday, November 4th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by $0.15. Allete had a net margin of 9.38% and a return on equity of 7.46%. The company earned $349.60 million during the quarter, compared to analyst estimates of $205.30 million. During the same quarter in the prior year, the company earned $1.25 EPS. The business’s revenue was down 24.4% on a year-over-year basis. Analysts expect that Allete Inc. will post $3.12 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th will be paid a $0.52 dividend. The ex-dividend date is Thursday, November 10th. This represents a $2.08 annualized dividend and a yield of 3.26%. Allete’s dividend payout ratio is presently 79.69%.
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A number of equities analysts have weighed in on the company. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Tuesday. Macquarie assumed coverage on Allete in a research note on Thursday, November 3rd. They set a “neutral” rating for the company. Guggenheim assumed coverage on Allete in a research note on Friday, November 4th. They set a “neutral” rating for the company. Finally, KeyCorp set a $65.50 price objective on Allete and gave the company a “buy” rating in a research note on Monday, September 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $62.10.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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