Allete, Inc. (ALE) Stake Increased by Foundry Partners LLC
Foundry Partners LLC boosted its position in Allete, Inc. (NYSE:ALE) by 6.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 203,951 shares of the utilities provider’s stock after buying an additional 12,883 shares during the period. Foundry Partners LLC’s holdings in Allete were worth $14,619,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its position in shares of Allete by 4.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 301,601 shares of the utilities provider’s stock worth $21,619,000 after buying an additional 13,874 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Allete during the second quarter worth $301,000. Sei Investments Co. increased its position in shares of Allete by 8.4% in the second quarter. Sei Investments Co. now owns 92,970 shares of the utilities provider’s stock worth $6,664,000 after buying an additional 7,184 shares during the last quarter. Texas Permanent School Fund increased its position in shares of Allete by 2.5% in the second quarter. Texas Permanent School Fund now owns 37,133 shares of the utilities provider’s stock worth $2,662,000 after buying an additional 897 shares during the last quarter. Finally, World Asset Management Inc increased its position in shares of Allete by 3.6% in the second quarter. World Asset Management Inc now owns 3,319 shares of the utilities provider’s stock worth $238,000 after buying an additional 116 shares during the last quarter. Institutional investors and hedge funds own 72.64% of the company’s stock.
Allete, Inc. (ALE) opened at 74.48 on Friday. The firm’s 50-day moving average is $72.37 and its 200-day moving average is $69.55. Allete, Inc. has a 52-week low of $56.48 and a 52-week high of $75.17. The company has a market capitalization of $3.80 billion, a PE ratio of 21.91 and a beta of 0.48.
Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The firm had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. During the same period last year, the firm posted $0.50 EPS. The business’s revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts forecast that Allete, Inc. will post $3.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Friday, August 11th. Allete’s dividend payout ratio is presently 63.13%.
A number of brokerages recently weighed in on ALE. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Zacks Investment Research cut shares of Allete from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Williams Capital lifted their price objective on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services lifted their price objective on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $75.38.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.
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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