ClariVest Asset Management LLC Raises Position in Allete, Inc. (NYSE:ALE)
ClariVest Asset Management LLC increased its stake in shares of Allete, Inc. (NYSE:ALE) by 28.2% during the second quarter, Holdings Channel reports. The institutional investor owned 75,500 shares of the utilities provider’s stock after buying an additional 16,600 shares during the period. ClariVest Asset Management LLC’s holdings in Allete were worth $5,411,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in ALE. BlackRock Inc. increased its position in Allete by 15,718.2% in the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock valued at $437,952,000 after buying an additional 6,427,188 shares in the last quarter. Vanguard Group Inc. increased its position in Allete by 5.9% in the first quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock valued at $324,185,000 after buying an additional 265,592 shares in the last quarter. Victory Capital Management Inc. increased its position in Allete by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock valued at $103,033,000 after buying an additional 4,111 shares in the last quarter. State Street Corp increased its position in Allete by 2.0% in the first quarter. State Street Corp now owns 1,275,605 shares of the utilities provider’s stock valued at $86,373,000 after buying an additional 25,334 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Allete by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 973,827 shares of the utilities provider’s stock valued at $65,937,000 after buying an additional 16,200 shares in the last quarter. Hedge funds and other institutional investors own 73.28% of the company’s stock.
Allete, Inc. (NYSE:ALE) opened at 74.22 on Tuesday. The company has a 50 day moving average of $72.40 and a 200 day moving average of $69.79. Allete, Inc. has a 1-year low of $56.48 and a 1-year high of $75.17. The firm has a market capitalization of $3.78 billion, a P/E ratio of 21.84 and a beta of 0.48.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share 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 company had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. During the same quarter last year, the firm posted $0.50 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Allete, Inc. will post $3.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be issued a $0.535 dividend. This represents a $2.14 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, August 11th. Allete’s dividend payout ratio (DPR) is currently 63.13%.
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ALE has been the topic of several research reports. Williams Capital upped their price objective on shares of Allete from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, April 21st. Zacks Investment Research upgraded shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Wednesday, July 26th. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Finally, Ladenburg Thalmann Financial Services upped their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a 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 company. Allete has a consensus rating of “Buy” and an average target price of $75.38.
In related news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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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