Evanston Investments Inc. dba Evanston Advisors reduced its position in Allete, Inc. (NYSE:ALE) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,812 shares of the utilities provider’s stock after selling 1,301 shares during the quarter. Evanston Investments Inc. dba Evanston Advisors owned approximately 0.09% of Allete worth $3,464,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its stake in Allete by 925.0% during the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,591 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Allete by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after acquiring an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in Allete by 2.7% during the second 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. LS Investment Advisors LLC boosted its stake in Allete by 5.6% during the second 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, Advisor Group Inc. boosted its stake in Allete by 2.1% during the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after acquiring an additional 45 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors.

Allete, Inc. (NYSE:ALE) opened at $78.18 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 1.34. Allete, Inc. has a 1-year low of $60.97 and a 1-year high of $80.00. The firm has a market cap of $3,990.31, a price-to-earnings ratio of 21.60, a price-to-earnings-growth ratio of 3.99 and a beta of 0.47.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.535 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.14 annualized dividend and a yield of 2.74%. Allete’s payout ratio is 61.85%.

Several brokerages recently issued reports on ALE. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research lowered shares of Allete from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. ValuEngine lowered shares of Allete from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. J P Morgan Chase & Co increased their target price on shares of Allete from $73.00 to $76.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 15th. Finally, Williams Capital reissued a “hold” rating and set a $79.00 target price on shares of Allete in a research note on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $80.25.

TRADEMARK VIOLATION WARNING: “Evanston Investments Inc. dba Evanston Advisors Has $3.46 Million Stake in Allete, Inc. (ALE)” was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright laws. The legal version of this story can be read at https://www.thecerbatgem.com/2017/11/27/evanston-investments-inc-dba-evanston-advisors-has-3-46-million-stake-in-allete-inc-ale.html.

About Allete

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)

Receive News & Stock Ratings for Allete Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allete Inc. and related stocks with our FREE daily email newsletter.