Inspire Advisors LLC Has $776,000 Position in Allete, Inc. $ALE

Inspire Advisors LLC cut its position in shares of Allete, Inc. (NYSE:ALE) by 70.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,114 shares of the utilities provider’s stock after selling 28,932 shares during the quarter. Inspire Advisors LLC’s holdings in Allete were worth $776,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ALE. Costello Asset Management INC bought a new stake in shares of Allete in the 1st quarter worth approximately $35,000. IFP Advisors Inc raised its stake in shares of Allete by 3,456.3% in the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 553 shares in the last quarter. Bayforest Capital Ltd bought a new position in Allete in the second quarter worth $45,000. Caitong International Asset Management Co. Ltd acquired a new stake in Allete during the first quarter worth $47,000. Finally, MJT & Associates Financial Advisory Group Inc. bought a new stake in Allete in the 1st quarter valued at $91,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

Allete Stock Down 0.1%

Shares of NYSE ALE opened at $67.42 on Wednesday. The stock has a market cap of $3.92 billion, a PE ratio of 21.27 and a beta of 0.84. The business has a fifty day moving average of $66.43 and a two-hundred day moving average of $65.52. Allete, Inc. has a 52-week low of $62.38 and a 52-week high of $67.57. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34.

Allete (NYSE:ALE) last posted its earnings results on Thursday, October 30th. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.34). The firm had revenue of $375.00 million during the quarter, compared to the consensus estimate of $434.90 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALE. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Allete in a report on Thursday, November 13th. Wall Street Zen lowered shares of Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Allete currently has a consensus rating of “Buy”.

About Allete

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.