Geode Capital Management LLC Grows Holdings in Allete, Inc. $ALE

Geode Capital Management LLC increased its holdings in Allete, Inc. (NYSE:ALE) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,427,514 shares of the utilities provider’s stock after acquiring an additional 13,023 shares during the quarter. Geode Capital Management LLC owned about 2.46% of Allete worth $91,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Costello Asset Management INC purchased a new stake in Allete in the first quarter worth about $35,000. IFP Advisors Inc lifted its holdings in shares of Allete by 3,456.3% during the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 553 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Allete during the second quarter valued at approximately $45,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Allete in the 1st quarter worth approximately $47,000. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Allete in the 1st quarter worth approximately $91,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

Allete Price Performance

Shares of ALE opened at $67.58 on Friday. Allete, Inc. has a twelve month low of $62.38 and a twelve month high of $67.60. The company has a market capitalization of $3.93 billion, a P/E ratio of 21.32 and a beta of 0.84. The firm has a 50 day moving average of $66.66 and a 200 day moving average of $65.56. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE) last released its quarterly earnings data on Thursday, October 30th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.34). Allete had a net margin of 11.98% and a return on equity of 5.71%. The business had revenue of $375.00 million during the quarter, compared to the consensus estimate of $434.90 million.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Allete in a research report on Wednesday. Wall Street Zen cut Allete from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy”.

About Allete

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.