Los Angeles Capital Management & Equity Research Inc. cut its stake in shares of Allete, Inc. (NYSE:ALE) by 1.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 14,565 shares of the company’s stock after selling 175 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Allete were worth $868,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Boston Partners raised its position in shares of Allete by 1.4% in the third quarter. Boston Partners now owns 144,005 shares of the company’s stock valued at $8,586,000 after buying an additional 2,050 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Allete by 13.5% in the third quarter. SG Americas Securities LLC now owns 7,182 shares of the company’s stock valued at $428,000 after buying an additional 852 shares in the last quarter. Stevens Capital Management LP raised its position in shares of Allete by 165.5% in the third quarter. Stevens Capital Management LP now owns 14,576 shares of the company’s stock valued at $869,000 after buying an additional 9,086 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Allete by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,280 shares of the company’s stock valued at $613,000 after buying an additional 170 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Allete by 1.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,201,861 shares of the company’s stock valued at $71,655,000 after buying an additional 12,869 shares in the last quarter. Institutional investors and hedge funds own 72.13% of the company’s stock.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

Allete, Inc. (NYSE:ALE) traded down 0.38% during midday trading on Friday, reaching $62.68. The company had a trading volume of 265,984 shares. Allete, Inc. has a 1-year low of $48.26 and a 1-year high of $66.92. The company has a market capitalization of $3.10 billion, a P/E ratio of 23.89 and a beta of 0.48. The firm has a 50-day moving average of $63.57 and a 200 day moving average of $61.58.

Allete (NYSE:ALE) last posted its quarterly earnings data on Friday, November 4th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by $0.15. The firm earned $349.60 million during the quarter, compared to analysts’ expectations of $205.30 million. Allete had a net margin of 9.38% and a return on equity of 7.46%. Allete’s quarterly revenue was down 24.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. On average, equities research analysts forecast that Allete, Inc. will post $3.14 EPS for the current year.

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ALE has been the subject of several recent analyst reports. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a research report on Tuesday, November 29th. Guggenheim initiated coverage on Allete in a research report on Friday, November 4th. They issued a “neutral” rating for the company. Finally, Macquarie initiated coverage on Allete in a research report on Thursday, November 3rd. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.10.

Allete Company Profile

ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.

5 Day Chart for NYSE:ALE

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