Allete, Inc. (ALE) Shares Bought by Federated Investors Inc. PA
Federated Investors Inc. PA raised its position in Allete, Inc. (NYSE:ALE) by 271,658.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,513 shares of the utilities provider’s stock after buying an additional 187,444 shares during the period. Federated Investors Inc. PA owned 0.37% of Allete worth $13,442,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in Allete by 5.4% in the first quarter. Bank of Montreal Can now owns 4,078 shares of the utilities provider’s stock worth $276,000 after buying an additional 209 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Allete by 7.3% in the first quarter. Russell Investments Group Ltd. now owns 406,034 shares of the utilities provider’s stock worth $27,488,000 after buying an additional 27,709 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. raised its stake in Allete by 2.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 17,500 shares of the utilities provider’s stock worth $1,185,000 after buying an additional 500 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.
Shares of Allete, Inc. (NYSE:ALE) opened at 76.81 on Monday. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $77.02. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 22.60 and a beta of 0.48. The company has a 50-day moving average price of $73.26 and a 200-day moving average price of $70.39.
Allete (NYSE:ALE) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping 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 firm had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $342.50 million. During the same period in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts forecast that Allete, Inc. will post $3.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a $0.535 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.79%. Allete’s dividend payout ratio is currently 63.13%.
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A number of equities research analysts have recently commented on ALE shares. Ladenburg Thalmann Financial Services raised their price target on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Williams Capital lifted their target price on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. BidaskClub lowered Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Zacks Investment Research raised Allete from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research report on Wednesday, July 26th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $75.38.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.42% of the company’s stock.
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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