Century Capital Management LLC Sells 1,350 Shares of Allete, Inc. (ALE)
Century Capital Management LLC lessened its holdings in Allete, Inc. (NYSE:ALE) by 4.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,194 shares of the utilities provider’s stock after selling 1,350 shares during the quarter. Century Capital Management LLC owned approximately 0.06% of Allete worth $2,021,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Alliancebernstein L.P. boosted its stake in shares of Allete by 22.0% in the 2nd quarter. Alliancebernstein L.P. now owns 113,487 shares of the utilities provider’s stock valued at $8,135,000 after purchasing an additional 20,480 shares during the last quarter. Eaton Vance Management acquired a new stake in shares of Allete in the 2nd quarter valued at approximately $2,551,000. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Allete by 30.0% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,200 shares of the utilities provider’s stock valued at $1,376,000 after acquiring an additional 4,435 shares during the period. JPMorgan Chase & Co. raised its position in shares of Allete by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 187,454 shares of the utilities provider’s stock valued at $13,437,000 after acquiring an additional 13,039 shares during the period. Finally, Swiss National Bank raised its position in shares of Allete by 8.0% in the 2nd quarter. Swiss National Bank now owns 83,400 shares of the utilities provider’s stock valued at $5,978,000 after acquiring an additional 6,200 shares during the period. 72.43% of the stock is currently owned by institutional investors.
Shares of Allete, Inc. (NYSE:ALE) opened at 79.40 on Monday. Allete, Inc. has a 12-month low of $56.48 and a 12-month high of $79.45. The firm has a market capitalization of $4.05 billion, a P/E ratio of 23.36 and a beta of 0.48. The stock has a 50 day moving average of $75.11 and a 200-day moving average of $71.16.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The company 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 earned $0.50 earnings per share. Allete’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts predict that Allete, Inc. will post $3.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, August 11th. Allete’s payout ratio is 63.13%.
A number of analysts recently weighed in on the stock. ValuEngine upgraded shares of Allete from a “hold” rating to a “buy” rating in a research report on Thursday. BidaskClub upgraded shares of Allete from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Williams Capital increased their price target on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services increased their price target on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $75.38.
In related news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is 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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