Pacer Advisors Inc. purchased a new position in Allete, Inc. (NYSE:ALE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,464 shares of the utilities provider’s stock, valued at approximately $577,000.

A number of other hedge funds have also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Allete by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after acquiring an additional 141 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of Allete by 2.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after acquiring an additional 49 shares during the last quarter. LS Investment Advisors LLC grew its stake 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 acquiring an additional 100 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Allete by 925.0% in the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,591 shares during the last quarter. Finally, Advisor Group Inc. grew its stake in shares of Allete by 2.1% in the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after acquiring an additional 45 shares during the last quarter. 73.13% of the stock is currently owned by institutional investors.

A number of equities research analysts have recently commented on the company. Ladenburg Thalmann Financial Services cut Allete from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a research note on Friday, October 20th. Williams Capital reissued a “hold” rating and issued a $79.00 target price on shares of Allete in a research note on Thursday, October 12th. J P Morgan Chase & Co increased their target price on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday, October 12th. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating and set a $88.00 target price on the stock in a research note on Tuesday, October 10th. Finally, ValuEngine raised Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $80.25.

Shares of Allete, Inc. (NYSE:ALE) traded up $0.40 during trading hours on Friday, hitting $80.50. The stock had a trading volume of 223,500 shares, compared to its average volume of 221,098. The company has a market capitalization of $4,110.00, a P/E ratio of 22.16, a P/E/G ratio of 4.09 and a beta of 0.47. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 1.34. Allete, Inc. has a 1 year low of $60.97 and a 1 year high of $80.83.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Tuesday, November 14th. Allete’s payout ratio is currently 61.85%.

COPYRIGHT VIOLATION NOTICE: This piece was originally reported by Daily Political and is the property of of Daily Political. If you are reading this piece on another site, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The original version of this piece can be read at https://www.dailypolitical.com/2017/12/01/pacer-advisors-inc-takes-577000-position-in-allete-inc-ale.html.

About Allete

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.

Want to see what other hedge funds are holding ALE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allete, Inc. (NYSE:ALE).

Institutional Ownership by Quarter for Allete (NYSE:ALE)

Receive News & Ratings for Allete Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allete Inc. and related companies with MarketBeat.com's FREE daily email newsletter.