Parametric Portfolio Associates LLC Has $16.60 Million Holdings in Allete, Inc. (ALE)
Parametric Portfolio Associates LLC reduced its position in Allete, Inc. (NYSE:ALE) by 13.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 231,601 shares of the utilities provider’s stock after selling 35,958 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.45% of Allete worth $16,601,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of ALE. BlackRock Inc. boosted its position in Allete by 15,718.2% in the 1st quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock valued at $437,952,000 after buying an additional 6,427,188 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Allete by 93.8% during the second quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after purchasing an additional 700,647 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Allete by 5.9% during the first quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock worth $324,185,000 after purchasing an additional 265,592 shares during the last quarter. BlueCrest Capital Management Ltd bought a new position in shares of Allete during the first quarter worth about $13,892,000. Finally, Federated Investors Inc. PA lifted its position in shares of Allete by 271,658.0% during the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock worth $13,442,000 after purchasing an additional 187,444 shares during the last quarter. 70.99% of the stock is owned by institutional investors.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction dated 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 SEC, which is available through the SEC website. 0.42% of the stock is currently owned by insiders.
Shares of Allete, Inc. (ALE) opened at 78.31 on Friday. The company’s 50-day moving average is $77.50 and its 200 day moving average is $72.77. Allete, Inc. has a 1-year low of $56.48 and a 1-year high of $79.61. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 23.04 and a beta of 0.48.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same period in the previous year, the business earned $0.50 EPS. The firm’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts expect that Allete, Inc. will post $3.38 EPS for the current fiscal year.
Several equities analysts have recently commented on ALE shares. ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. BidaskClub raised shares of Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Williams Capital increased their price target on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. Ladenburg Thalmann Financial Services increased their price target on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Finally, Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $78.67.
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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