Bank of New York Mellon Corp Has $63.67 Million Position in Allete, Inc. (ALE)
Bank of New York Mellon Corp boosted its position in shares of Allete, Inc. (NYSE:ALE) by 2.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 888,262 shares of the utilities provider’s stock after buying an additional 22,706 shares during the period. Bank of New York Mellon Corp owned about 1.75% of Allete worth $63,671,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Amalgamated Bank boosted its position in Allete by 0.8% in the first quarter. Amalgamated Bank now owns 6,318 shares of the utilities provider’s stock worth $428,000 after buying an additional 49 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in Allete by 0.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock worth $763,000 after buying an additional 60 shares during the period. World Asset Management Inc boosted its position in Allete by 2.7% in the first 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. LS Investment Advisors LLC boosted its position in Allete by 5.6% in the second 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. Finally, State Board of Administration of Florida Retirement System boosted its position in Allete by 0.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,399 shares of the utilities provider’s stock worth $1,381,000 after buying an additional 130 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.
Allete, Inc. (NYSE ALE) opened at 77.33 on Friday. Allete, Inc. has a 52-week low of $56.48 and a 52-week high of $77.44. The company has a market cap of $3.94 billion, a PE ratio of 22.75 and a beta of 0.48. The firm’s 50-day moving average is $73.99 and its 200-day moving average is $70.72.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping 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 business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same quarter in the previous year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts anticipate that Allete, Inc. will post $3.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.535 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $2.14 annualized dividend and a dividend yield of 2.77%. Allete’s dividend payout ratio is presently 63.13%.
A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Ladenburg Thalmann Financial Services boosted their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. BidaskClub cut shares of Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Williams Capital boosted their price objective on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $75.38.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of Allete 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 transaction was disclosed in a document filed with the SEC, which is available at this link. 0.42% of the stock is owned by insiders.
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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