Allete Inc. (ALE) Stake Raised by Ameriprise Financial Inc.
Ameriprise Financial Inc. boosted its position in Allete Inc. (NYSE:ALE) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 320,110 shares of the company’s stock after buying an additional 45,034 shares during the period. Ameriprise Financial Inc. owned about 0.65% of Allete worth $20,689,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Allete by 16.2% in the first quarter. Geode Capital Management LLC now owns 354,380 shares of the company’s stock worth $19,870,000 after buying an additional 49,459 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock worth $13,061,000 after buying an additional 157,294 shares in the last quarter. State Street Corp raised its position in shares of Allete by 3.1% in the first quarter. State Street Corp now owns 1,078,807 shares of the company’s stock worth $60,485,000 after buying an additional 32,076 shares in the last quarter. Huntington Asset Advisors Inc. purchased a new position in shares of Allete during the first quarter worth approximately $1,473,000. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Allete by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,182,498 shares of the company’s stock worth $66,303,000 after buying an additional 16,321 shares in the last quarter. Hedge funds and other institutional investors own 71.60% of the company’s stock.
Shares of Allete Inc. (NYSE:ALE) traded up 1.70% during midday trading on Friday, hitting $60.51. 748,682 shares of the company were exchanged. Allete Inc. has a one year low of $47.84 and a one year high of $65.41. The stock has a market cap of $2.99 billion, a PE ratio of 19.87 and a beta of 0.56. The stock’s 50-day moving average is $61.19 and its 200-day moving average is $58.90.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $314.80 million for the quarter, compared to analyst estimates of $326.70 million. Allete had a return on equity of 8.13% and a net margin of 10.02%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS. Equities research analysts anticipate that Allete Inc. will post $3.12 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, August 11th. Allete’s dividend payout ratio is currently 68.65%.
A number of brokerages have commented on ALE. KeyCorp reiterated an “outperform” rating and issued a $65.50 price objective (up previously from $61.50) on shares of Allete in a report on Friday, July 1st. JPMorgan Chase & Co. reissued a “sell” rating on shares of Allete in a research report on Monday, July 4th. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Tuesday, August 2nd. Finally, Williams Capital raised shares of Allete from a “hold” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $63.00 in a research report on Wednesday, May 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $62.10.
Allete Company Profile
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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