Pacer Advisors Inc. Acquires Shares of 30,568 Allete, Inc. $ALE

Pacer Advisors Inc. bought a new position in Allete, Inc. (NYSE:ALE) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 30,568 shares of the utilities provider’s stock, valued at approximately $2,030,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc grew its stake in Allete by 3,456.3% in the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 553 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Allete during the 2nd quarter valued at $45,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Allete in the 2nd quarter worth $56,000. NewEdge Advisors LLC bought a new position in shares of Allete during the 2nd quarter worth $106,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Allete by 160.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,829 shares of the utilities provider’s stock worth $117,000 after buying an additional 1,128 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wall Street Zen downgraded Allete from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Allete in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Allete currently has an average rating of “Buy”.

Allete Price Performance

Shares of ALE stock opened at $67.91 on Thursday. The stock’s 50-day moving average is $67.61 and its 200 day moving average is $66.06. Allete, Inc. has a 1-year low of $62.38 and a 1-year high of $67.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.73. The company has a market cap of $3.95 billion, a P/E ratio of 23.83 and a beta of 0.83.

Allete (NYSE:ALE) last released its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.34). Allete had a net margin of 11.04% and a return on equity of 5.08%. The firm had revenue of $375.00 million for the quarter, compared to analysts’ expectations of $434.90 million.

Allete Profile

Allete, Inc (NYSE: ALE) is a diversified energy company headquartered in Duluth, Minnesota, whose core operations span regulated electric utility services, renewable energy development and complementary energy-related businesses. Through its principal subsidiary, Minnesota Power, the company delivers electricity to residential, commercial and industrial customers across northeastern Minnesota, leveraging a mix of hydroelectric, coal-fired and natural gas–fired generation assets.

In addition to its utility operations, Allete has expanded into renewable energy through ALLETE Clean Energy, a division focused on the development, ownership and operation of wind and solar projects in the United States.