USA Financial Portformulas Corp Purchases Shares of 4,095 Allete, Inc. (ALE)
USA Financial Portformulas Corp purchased a new position in shares of Allete, Inc. (NYSE:ALE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,095 shares of the utilities provider’s stock, valued at approximately $294,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Boston Investment Management Inc. increased its position in Allete by 0.4% during the second quarter. Eagle Boston Investment Management Inc. now owns 225,059 shares of the utilities provider’s stock worth $16,132,000 after buying an additional 983 shares during the last quarter. State of Alaska Department of Revenue increased its position in Allete by 81.0% during the second quarter. State of Alaska Department of Revenue now owns 10,043 shares of the utilities provider’s stock worth $719,000 after buying an additional 4,493 shares during the last quarter. Magellan Asset Management Ltd increased its position in Allete by 6.7% during the second quarter. Magellan Asset Management Ltd now owns 34,562 shares of the utilities provider’s stock worth $2,477,000 after buying an additional 2,174 shares during the last quarter. Bank of New York Mellon Corp increased its position in Allete by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 888,262 shares of the utilities provider’s stock worth $63,671,000 after buying an additional 22,706 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Allete by 8.9% during the second quarter. Legal & General Group Plc now owns 245,292 shares of the utilities provider’s stock worth $17,588,000 after buying an additional 20,019 shares during the last quarter. 70.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. Ladenburg Thalmann Financial Services downgraded Allete from a “buy” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research report on Friday. Williams Capital restated a “hold” rating and set a $79.00 price objective on shares of Allete in a report on Thursday, October 12th. J P Morgan Chase & Co boosted their price objective on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a report on Thursday, October 12th. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating and set a $88.00 price objective for the company in a report on Tuesday, October 10th. Finally, ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $79.50.
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In related news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is currently owned by insiders.
Shares of Allete, Inc. (ALE) traded down 0.01% during midday trading on Friday, hitting $79.08. The stock had a trading volume of 27,224 shares. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 25.18 and a beta of 0.48. Allete, Inc. has a 52 week low of $56.48 and a 52 week high of $79.69. The stock’s 50-day moving average price is $78.08 and its 200 day moving average price is $73.48.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. During the same period in the previous year, the business earned $0.50 EPS. Allete’s revenue was up 12.2% compared to the same quarter last year. On average, equities analysts forecast that Allete, Inc. will post $3.37 earnings per share for the current year.
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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