Friedberg Investment Management Decreases Stake in Allete, Inc. (ALE)
Friedberg Investment Management lowered its position in Allete, Inc. (NYSE:ALE) by 82.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,360 shares of the utilities provider’s stock after selling 20,788 shares during the period. Friedberg Investment Management’s holdings in Allete were worth $337,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in ALE. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Allete by 8.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after acquiring an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its position in shares of Allete by 2.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after acquiring an additional 49 shares in the last quarter. LS Investment Advisors LLC increased its position in Allete by 5.6% during the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock valued at $135,000 after buying an additional 100 shares in the last quarter. Meeder Asset Management Inc. increased its position in Allete by 925.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock valued at $136,000 after buying an additional 1,591 shares in the last quarter. Finally, Advisor Group Inc. increased its position in Allete by 2.1% during the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after buying an additional 45 shares in the last quarter. 71.53% of the stock is owned by hedge funds and other institutional investors.
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ALE has been the subject of a number of analyst reports. ValuEngine raised Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Zacks Investment Research lowered Allete from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Ladenburg Thalmann Financial Services lowered Allete from a “buy” rating to a “neutral” rating and set a $78.00 price objective for the company. in a research report on Friday, October 20th. Williams Capital reaffirmed a “hold” rating and set a $79.00 price objective on shares of Allete in a research report on Thursday, October 12th. Finally, BidaskClub raised Allete from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $80.25.
Allete, Inc. (NYSE ALE) traded down $0.63 during mid-day trading on Thursday, hitting $77.88. The stock had a trading volume of 148,900 shares, compared to its average volume of 221,970. The stock has a market cap of $4,007.12, a P/E ratio of 21.69, a P/E/G ratio of 4.01 and a beta of 0.47. Allete, Inc. has a 52-week low of $60.97 and a 52-week high of $80.00. 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 company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be paid a $0.535 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.75%. Allete’s dividend payout ratio (DPR) is currently 61.85%.
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.
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