Rhumbline Advisers decreased its position in shares of Allete, Inc. (NYSE:ALE) by 6.1% in the 1st quarter, HoldingsChannel reports. The fund owned 117,421 shares of the utilities provider’s stock after selling 7,606 shares during the period. Rhumbline Advisers’ holdings in Allete were worth $8,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its position in shares of Allete by 6.3% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,900 shares of the utilities provider’s stock valued at $1,628,000 after buying an additional 1,300 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Allete by 4.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 331,381 shares of the utilities provider’s stock valued at $24,642,000 after buying an additional 14,858 shares during the last quarter. Bowling Portfolio Management LLC purchased a new position in shares of Allete during the fourth quarter valued at approximately $2,619,000. APG Asset Management N.V. boosted its position in shares of Allete by 41.9% during the fourth quarter. APG Asset Management N.V. now owns 39,300 shares of the utilities provider’s stock valued at $2,434,000 after buying an additional 11,600 shares during the last quarter. Finally, Resources Investment Advisors Inc. purchased a new position in shares of Allete during the fourth quarter valued at approximately $111,000. Hedge funds and other institutional investors own 73.44% of the company’s stock.

Allete opened at $74.00 on Friday, Marketbeat.com reports. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.65 and a current ratio of 1.01. Allete, Inc. has a 1-year low of $74.26 and a 1-year high of $75.14. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 3.35 and a beta of 0.30.

Allete (NYSE:ALE) last posted its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Allete had a return on equity of 8.40% and a net margin of 12.34%. The business had revenue of $358.20 million for the quarter, compared to analysts’ expectations of $355.00 million. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The business’s revenue was down 2.0% on a year-over-year basis. research analysts predict that Allete, Inc. will post 3.36 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 15th will be given a $0.56 dividend. The ex-dividend date is Monday, May 14th. This represents a $2.24 annualized dividend and a yield of 3.03%. Allete’s dividend payout ratio is currently 70.22%.

In other Allete news, Director James J. Hoolihan sold 800 shares of the business’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $75.16, for a total value of $60,128.00. Following the transaction, the director now owns 15,684 shares of the company’s stock, valued at $1,178,809.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.42% of the stock is currently owned by insiders.

Several research analysts recently issued reports on ALE shares. Mizuho cut Allete from a “buy” rating to a “neutral” rating and set a $71.50 target price on the stock. in a research report on Monday, May 7th. Zacks Investment Research cut Allete from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Williams Capital raised Allete from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Friday, February 2nd. Guggenheim reaffirmed a “hold” rating and set a $63.00 target price on shares of Allete in a research report on Friday, February 23rd. Finally, Wells Fargo set a $71.00 target price on Allete and gave the company a “hold” rating in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $72.93.

Allete Company Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.

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Institutional Ownership by Quarter for Allete (NYSE:ALE)

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