Chicago Equity Partners LLC Has $385,000 Stake in Allete, Inc. (ALE)
Chicago Equity Partners LLC reduced its holdings in shares of Allete, Inc. (NYSE:ALE) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,375 shares of the utilities provider’s stock after selling 100 shares during the quarter. Chicago Equity Partners LLC’s holdings in Allete were worth $385,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Allete by 15,718.2% during the 1st quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock worth $437,952,000 after acquiring an additional 6,427,188 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Allete by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock worth $324,185,000 after acquiring an additional 265,592 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Allete by 0.3% during the 1st quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock worth $103,033,000 after acquiring an additional 4,111 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Allete by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Allete by 2.0% during the 1st quarter. State Street Corp now owns 1,275,605 shares of the utilities provider’s stock worth $86,373,000 after acquiring an additional 25,334 shares in the last quarter. 72.43% of the stock is owned by institutional investors and hedge funds.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of Allete 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.42% of the company’s stock.
Shares of Allete, Inc. (NYSE ALE) opened at 77.56 on Thursday. Allete, Inc. has a 1-year low of $56.48 and a 1-year high of $79.61. The stock has a market capitalization of $3.95 billion, a P/E ratio of 22.82 and a beta of 0.48. The firm’s 50-day moving average price is $75.42 and its 200 day moving average price is $71.39.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The company had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. During the same period in the previous year, the firm posted $0.50 earnings per share. Allete’s quarterly revenue was up 12.2% compared to the same quarter last year. Analysts expect that Allete, Inc. will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were paid a $0.535 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.76%. Allete’s payout ratio is currently 63.13%.
Several research analysts have recently issued reports on ALE shares. ValuEngine raised Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Zacks Investment Research raised 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. BidaskClub raised Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Williams Capital upped their price objective on Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services upped their price objective on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $78.67.
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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