Vanguard Group Inc. increased its stake in shares of Allete, Inc. (NYSE:ALE) by 3.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,960,166 shares of the utilities provider’s stock after acquiring an additional 172,317 shares during the period. Vanguard Group Inc. owned approximately 9.73% of Allete worth $355,545,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in Allete by 0.8% during the 1st quarter. Amalgamated Bank now owns 6,318 shares of the utilities provider’s stock worth $428,000 after acquiring an additional 49 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its position 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 acquiring an additional 49 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Allete by 0.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock worth $763,000 after acquiring an additional 60 shares in the last quarter. LS Investment Advisors LLC lifted its position 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 acquiring an additional 100 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC lifted its position in Allete by 0.9% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 10,750 shares of the utilities provider’s stock worth $771,000 after acquiring an additional 100 shares in the last quarter. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

Allete, Inc. (ALE) opened at 78.31 on Friday. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $79.61. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 23.04 and a beta of 0.48. The firm has a 50 day moving average price of $77.50 and a 200-day moving average price of $72.77.

Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.50 EPS. On average, equities analysts forecast that Allete, Inc. will post $3.38 EPS for the current year.

Several equities analysts recently commented on the company. ValuEngine lowered Allete from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. BidaskClub raised Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Finally, Williams Capital boosted their price target on Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $78.67.

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In related news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

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.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

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