Allete, Inc. (NYSE:ALE) Stake Raised by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky increased its position in Allete, Inc. (NYSE:ALE) by 73.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 27,346 shares of the utilities provider’s stock after buying an additional 11,546 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.05% of Allete worth $1,852,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the company. Glen Harbor Capital Management LLC increased its position in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock valued at $102,000 after buying an additional 176 shares during the period. Tyers Asset Management LLC increased its position in Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock valued at $140,000 after buying an additional 242 shares during the period. Flinton Capital Management LLC increased its position in shares of Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock valued at $178,000 after buying an additional 308 shares during the period. Coldstream Capital Management Inc. acquired a new position in shares of Allete during the first quarter valued at $205,000. Finally, HighTower Advisors LLC acquired a new position in shares of Allete during the first quarter valued at $207,000. 72.38% of the stock is owned by institutional investors.
Shares of Allete, Inc. (NYSE ALE) traded down 0.18% on Thursday, hitting $73.62. The stock had a trading volume of 253,048 shares. The firm has a 50 day moving average of $72.17 and a 200 day moving average of $69.12. 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 $3.75 billion, a P/E ratio of 16.18 and a beta of 0.48.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. Allete had a return on equity of 8.78% and a net margin of 11.55%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. On average, equities analysts forecast that Allete, Inc. will post $3.44 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be given a dividend of $0.535 per share. The ex-dividend date is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.91%. Allete’s payout ratio is 67.51%.
Several equities analysts recently weighed in on ALE shares. Williams Capital increased their price target on shares of Allete from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Wednesday, July 26th. BidaskClub cut shares of Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Ladenburg Thalmann Financial Services raised their price objective on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $75.38.
In related news, insider Steven Q. Devinck sold 2,000 shares of Allete stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $69.67, for a total transaction of $139,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is currently owned by company insiders.
Allete Company Profile
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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