185,475 Shares in Allete, Inc. (ALE) Acquired by Monarch Partners Asset Management LLC
Monarch Partners Asset Management LLC acquired a new position in shares of Allete, Inc. (NYSE:ALE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 185,475 shares of the utilities provider’s stock, valued at approximately $13,295,000. Allete makes up 1.3% of Monarch Partners Asset Management LLC’s holdings, making the stock its 16th largest position.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Glen Harbor Capital Management LLC raised its position in shares of 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. LS Investment Advisors LLC raised its position in shares of Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares in the last quarter. Tyers Asset Management LLC raised its position in shares of Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock worth $140,000 after buying an additional 242 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock worth $178,000 after buying an additional 308 shares in the last quarter. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Allete during the first quarter worth approximately $203,000. 72.64% of the stock is owned by institutional investors and hedge funds.
Allete, Inc. (ALE) opened at 74.48 on Friday. The stock’s 50 day moving average is $72.37 and its 200-day moving average is $69.55. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $75.17. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 21.91 and a beta of 0.48.
Allete (NYSE:ALE) last posted its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, analysts anticipate that Allete, Inc. will post $3.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Friday, August 11th. Allete’s dividend payout ratio is currently 63.13%.
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ALE has been the subject of a number of research analyst reports. Williams Capital upped their price objective on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Ladenburg Thalmann Financial Services upped their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Wednesday, July 26th. Finally, BidaskClub raised shares of Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $75.38.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.42% of the company’s stock.
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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