Eagle Asset Management Inc. raised its position in shares of Allete, Inc. (NYSE:ALE) by 2.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 229,126 shares of the utilities provider’s stock after purchasing an additional 5,282 shares during the period. Eagle Asset Management Inc. owned about 0.45% of Allete worth $17,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC increased its holdings in shares of Allete by 5.6% in the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock valued at $135,000 after acquiring an additional 100 shares during the period. Aperio Group LLC increased its holdings in shares of Allete by 3.9% in the 2nd quarter. Aperio Group LLC now owns 22,681 shares of the utilities provider’s stock valued at $1,626,000 after acquiring an additional 844 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Allete by 5.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 429,895 shares of the utilities provider’s stock valued at $30,813,000 after acquiring an additional 23,861 shares during the period. Strs Ohio increased its holdings in shares of Allete by 9.0% in the 2nd quarter. Strs Ohio now owns 7,300 shares of the utilities provider’s stock valued at $523,000 after acquiring an additional 600 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its holdings in shares of Allete by 31.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,860 shares of the utilities provider’s stock valued at $1,066,000 after acquiring an additional 3,590 shares during the period. 73.13% of the stock is owned by institutional investors and hedge funds.

Shares of Allete, Inc. (NYSE ALE) traded up $0.40 during mid-day trading on Friday, reaching $80.50. The company had a trading volume of 223,500 shares, compared to its average volume of 221,098. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.71. The stock has a market cap of $4,110.00, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 4.09 and a beta of 0.47. Allete, Inc. has a 1 year low of $60.97 and a 1 year high of $80.83.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be paid 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 2.66%. Allete’s payout ratio is presently 61.85%.

ALE has been the topic of a number of analyst reports. ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Zacks Investment Research downgraded Allete from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Ladenburg Thalmann Financial Services downgraded Allete from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a research note on Friday, October 20th. Williams Capital restated a “hold” rating and set a $79.00 target price on shares of Allete in a research note on Thursday, October 12th. Finally, BidaskClub upgraded Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $80.25.

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Allete Company Profile

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)

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