Great West Life Assurance Co. Can Has $5.26 Million Position in Allete, Inc. (ALE)
Great West Life Assurance Co. Can increased its stake in shares of Allete, Inc. (NYSE:ALE) by 5.1% during the second quarter, Holdings Channel reports. The firm owned 73,331 shares of the utilities provider’s stock after buying an additional 3,529 shares during the period. Great West Life Assurance Co. Can’s holdings in Allete were worth $5,256,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Glen Harbor Capital Management LLC increased its stake in shares of Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock valued at $102,000 after buying an additional 176 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of Allete by 5.6% in the second 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 during the last quarter. Tyers Asset Management LLC increased its stake in shares of Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock valued at $140,000 after buying an additional 242 shares during the last quarter. Flinton Capital Management LLC increased its stake in shares of Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock valued at $178,000 after buying an additional 308 shares during the last quarter. Finally, Piedmont Investment Advisors LLC bought a new stake in shares of Allete during the first quarter valued at about $203,000. Institutional investors own 73.28% of the company’s stock.
Shares of Allete, Inc. (NYSE ALE) opened at 74.22 on Tuesday. The firm has a market cap of $3.78 billion, a P/E ratio of 21.84 and a beta of 0.48. The stock has a 50 day moving average of $72.40 and a 200 day moving average of $69.79. Allete, Inc. has a 52 week low of $56.48 and a 52 week high of $75.17.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $342.50 million. During the same quarter in the prior year, the business earned $0.50 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts forecast that Allete, Inc. will post $3.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, August 11th. Allete’s dividend payout ratio (DPR) is presently 63.13%.
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Several equities research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday. Ladenburg Thalmann Financial Services raised their price objective on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. BidaskClub downgraded shares of Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Williams Capital raised their price objective on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $75.38.
In related news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by corporate insiders.
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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