Allete, Inc. (ALE) Shares Bought by ClariVest Asset Management LLC
ClariVest Asset Management LLC boosted its position in shares of Allete, Inc. (NYSE:ALE) by 28.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,500 shares of the utilities provider’s stock after buying an additional 16,600 shares during the period. ClariVest Asset Management LLC owned 0.15% of Allete worth $5,411,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Glen Harbor Capital Management LLC raised 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 worth $102,000 after buying an additional 176 shares during the last quarter. LS Investment Advisors LLC raised its position in Allete by 5.6% in the second 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 last quarter. Tyers Asset Management LLC raised 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 worth $140,000 after buying an additional 242 shares during the last quarter. Flinton Capital Management LLC raised its position in Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock worth $178,000 after buying an additional 308 shares during the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in Allete during the first quarter worth about $203,000. Institutional investors and hedge funds own 73.28% of the company’s stock.
Allete, Inc. (ALE) opened at 74.22 on Tuesday. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 21.84 and a beta of 0.48. Allete, Inc. has a 1-year low of $56.48 and a 1-year high of $75.17. The company has a 50-day moving average of $72.40 and a 200-day moving average of $69.79.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same period in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities analysts predict that Allete, Inc. will post $3.38 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.535 dividend. The ex-dividend date is Friday, August 11th. This represents a $2.14 annualized dividend and a dividend yield of 2.88%. Allete’s dividend payout ratio is currently 63.13%.
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A number of research firms recently issued reports on ALE. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Williams Capital raised their target price on shares of Allete from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Finally, Ladenburg Thalmann Financial Services raised their target price on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $75.38.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction 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 can be accessed through this link. 0.42% of the stock is owned by 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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