Mesirow Financial Investment Management Equity Management Decreases Holdings in ALLETE Inc (ALE)
Mesirow Financial Investment Management Equity Management trimmed its stake in shares of ALLETE Inc (NYSE:ALE) by 18.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 233,477 shares of the utilities provider’s stock after selling 53,950 shares during the quarter. ALLETE comprises 2.4% of Mesirow Financial Investment Management Equity Management’s investment portfolio, making the stock its 2nd biggest holding. Mesirow Financial Investment Management Equity Management’s holdings in ALLETE were worth $17,796,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc lifted its position in ALLETE by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock worth $383,197,000 after acquiring an additional 71,585 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in ALLETE during the 3rd quarter worth approximately $314,000. Legal & General Group Plc lifted its position in ALLETE by 0.6% during the 3rd quarter. Legal & General Group Plc now owns 267,304 shares of the utilities provider’s stock worth $20,051,000 after acquiring an additional 1,721 shares during the period. Retirement Systems of Alabama lifted its position in ALLETE by 149.0% during the 4th quarter. Retirement Systems of Alabama now owns 165,274 shares of the utilities provider’s stock worth $12,597,000 after acquiring an additional 98,899 shares during the period. Finally, Vanguard Group Inc. lifted its position in ALLETE by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,108,607 shares of the utilities provider’s stock worth $383,197,000 after acquiring an additional 71,585 shares during the period. 73.87% of the stock is owned by institutional investors.
ALE opened at $78.21 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.09 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $4.08 billion, a PE ratio of 24.52 and a beta of 0.28. ALLETE Inc has a 12 month low of $67.07 and a 12 month high of $82.82.
A number of research firms have weighed in on ALE. Mizuho cut ALLETE from a “neutral” rating to an “underperform” rating in a research report on Monday. Zacks Investment Research cut ALLETE from a “hold” rating to a “sell” rating in a report on Wednesday, November 7th. Finally, Williams Capital cut ALLETE from a “hold” rating to a “sell” rating and set a $69.00 price target for the company. in a report on Monday, December 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. ALLETE currently has a consensus rating of “Hold” and an average price target of $72.92.
In other news, CEO Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $81.05, for a total value of $324,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by company insiders.
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ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.
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