Dorsey & Whitney Trust CO LLC continued to hold its stake in shares of Allete, Inc. (NYSE:ALE) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,635 shares of the utilities provider’s stock at the close of the second quarter. Dorsey & Whitney Trust CO LLC’s holdings in Allete were worth $547,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ALE. BlackRock Inc. grew its stake in Allete by 15,718.2% during the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock valued at $437,952,000 after acquiring an additional 6,427,188 shares in the last quarter. Principal Financial Group Inc. grew its stake in Allete by 93.8% during the second quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock valued at $103,782,000 after acquiring an additional 700,647 shares in the last quarter. Vanguard Group Inc. grew its stake in Allete by 5.9% during the first quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock valued at $324,185,000 after acquiring an additional 265,592 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in Allete during the first quarter valued at approximately $13,892,000. Finally, Federated Investors Inc. PA grew its stake in Allete by 271,658.0% during the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock valued at $13,442,000 after acquiring an additional 187,444 shares in the last quarter. 72.43% of the stock is owned by institutional investors.

In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Several brokerages recently commented on ALE. ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Williams Capital boosted their price objective on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services boosted their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $78.67.

Shares of Allete, Inc. (NYSE ALE) traded down 0.38% during midday trading on Friday, reaching $77.90. 103,477 shares of the company’s stock traded hands. The firm has a market capitalization of $3.97 billion, a PE ratio of 22.92 and a beta of 0.48. Allete, Inc. has a one year low of $56.48 and a one year high of $79.61. The stock’s 50-day moving average price is $75.75 and its 200 day moving average price is $71.48.

Allete (NYSE:ALE) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.17. The company had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. On average, equities research analysts expect that Allete, Inc. will post $3.38 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were issued a $0.535 dividend. This represents a $2.14 annualized dividend and a yield of 2.74%. The ex-dividend date was Friday, August 11th. Allete’s dividend payout ratio is 63.13%.

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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.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

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