South Dakota Investment Council Sells 7,788 Shares of Allete, Inc. $ALE

South Dakota Investment Council lowered its position in Allete, Inc. (NYSE:ALE) by 47.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,795 shares of the utilities provider’s stock after selling 7,788 shares during the period. South Dakota Investment Council’s holdings in Allete were worth $563,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Costello Asset Management INC bought a new stake in shares of Allete in the first quarter worth $35,000. Hexagon Capital Partners LLC lifted its position in Allete by 44.5% during the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 182 shares in the last quarter. IFP Advisors Inc lifted its position in Allete by 3,456.3% during 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 purchased a new position in Allete during the second quarter valued at $45,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Allete during the first quarter valued at $47,000. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Allete in a research report on Wednesday, October 8th. Wall Street Zen downgraded Allete from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Allete Price Performance

Shares of Allete stock opened at $67.37 on Wednesday. The stock’s 50-day simple moving average is $65.70 and its 200-day simple moving average is $65.37. Allete, Inc. has a 52 week low of $62.38 and a 52 week high of $67.51. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.25 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE) last announced its quarterly earnings data on Friday, October 31st. 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 11.98% and a return on equity of 5.71%. The business had revenue of $375.00 million during the quarter, compared to analysts’ expectations of $434.90 million.

Allete Company Profile

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.