Allete, Inc. (ALE) Position Increased by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. increased its position in shares of Allete, Inc. (NYSE:ALE) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 301,601 shares of the utilities provider’s stock after buying an additional 13,874 shares during the period. Schwab Charles Investment Management Inc. owned 0.59% of Allete worth $21,619,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Glen Harbor Capital Management LLC boosted its holdings in shares of Allete by 13.3% during the 1st quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the period. LS Investment Advisors LLC boosted its holdings in shares of Allete by 5.6% during the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the period. Piedmont Investment Advisors LLC bought a new stake in shares of Allete during the 1st quarter worth $203,000. HighTower Advisors LLC bought a new stake in shares of Allete during the 1st quarter worth $207,000. Finally, World Asset Management Inc boosted its holdings in shares of Allete by 2.7% during the 1st quarter. World Asset Management Inc now owns 3,203 shares of the utilities provider’s stock worth $217,000 after buying an additional 84 shares during the period. 70.99% of the stock is owned by institutional investors and hedge funds.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.
Shares of Allete, Inc. (NYSE ALE) opened at 77.65 on Tuesday. The firm has a 50-day moving average of $76.06 and a 200-day moving average of $71.70. The company has a market capitalization of $3.96 billion, a P/E ratio of 22.84 and a beta of 0.48. Allete, Inc. has a one year low of $56.48 and a one year high of $79.61.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. During the same period in the previous year, the business posted $0.50 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts expect that Allete, Inc. will post $3.38 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were given a dividend of $0.535 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.76%. Allete’s dividend payout ratio (DPR) is 63.13%.
Several analysts recently issued reports on the stock. Ladenburg Thalmann Financial Services upped their price objective on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. Williams Capital upped their price objective on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, June 19th. Zacks Investment Research downgraded shares of Allete from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $78.67.
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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