Nationwide Fund Advisors Reduces Stake in Allete, Inc. (ALE)
Nationwide Fund Advisors lessened its holdings in shares of Allete, Inc. (NYSE:ALE) by 27.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,078 shares of the utilities provider’s stock after selling 13,105 shares during the period. Nationwide Fund Advisors owned 0.07% of Allete worth $2,514,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ALE. UBS Asset Management Americas Inc. boosted its stake in Allete by 25.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 35,795 shares of the utilities provider’s stock worth $2,424,000 after purchasing an additional 7,252 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Allete by 30.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,375 shares of the utilities provider’s stock worth $364,000 after purchasing an additional 1,257 shares in the last quarter. Prudential Financial Inc. boosted its stake in Allete by 1.3% in the 1st quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock worth $6,793,000 after purchasing an additional 1,270 shares in the last quarter. SG Americas Securities LLC boosted its stake in Allete by 75.2% in the 1st quarter. SG Americas Securities LLC now owns 6,227 shares of the utilities provider’s stock worth $422,000 after purchasing an additional 2,673 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Allete by 26.3% in the 1st quarter. Alliancebernstein L.P. now owns 93,007 shares of the utilities provider’s stock worth $6,298,000 after purchasing an additional 19,341 shares in the last quarter. Hedge funds and other institutional investors own 70.99% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Williams Capital reiterated a “hold” rating and issued a $79.00 price target on shares of Allete in a research note on Thursday. J P Morgan Chase & Co upped their target price on shares of Allete from $66.00 to $73.00 and gave the company an “underweight” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating and set a $88.00 target price on the stock in a research note on Tuesday. ValuEngine upgraded shares of Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. Finally, BidaskClub upgraded shares of Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Allete currently has an average rating of “Hold” and a consensus price target of $79.25.
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Shares of Allete, Inc. (NYSE ALE) opened at 78.38 on Friday. The company has a 50-day moving average of $77.87 and a 200 day moving average of $73.17. Allete, Inc. has a 12-month low of $56.48 and a 12-month high of $79.69. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 23.06 and a beta of 0.48.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $342.50 million. During the same period in the previous year, the company posted $0.50 earnings per share. Allete’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts predict that Allete, Inc. will post $3.38 earnings per share for the current year.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.
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