Russell Investments Group Ltd. trimmed its stake in ALLETE Inc (NYSE:ALE) by 8.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 123,838 shares of the utilities provider’s stock after selling 10,937 shares during the period. Russell Investments Group Ltd. owned 0.24% of ALLETE worth $7,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALE. Pictet Asset Management Ltd. bought a new position in shares of ALLETE in the 4th quarter worth $22,945,000. State Street Corp increased its position in ALLETE by 8.0% during the 4th quarter. State Street Corp now owns 1,843,129 shares of the utilities provider’s stock valued at $149,607,000 after buying an additional 136,088 shares in the last quarter. First Trust Advisors LP increased its position in ALLETE by 25.1% during the 4th quarter. First Trust Advisors LP now owns 639,187 shares of the utilities provider’s stock valued at $51,883,000 after buying an additional 128,096 shares in the last quarter. Prudential Financial Inc. increased its position in ALLETE by 34.6% during the 4th quarter. Prudential Financial Inc. now owns 386,309 shares of the utilities provider’s stock valued at $31,357,000 after buying an additional 99,396 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new position in ALLETE during the 4th quarter valued at about $7,640,000. 73.79% of the stock is owned by hedge funds and other institutional investors.

Shares of ALE stock opened at $53.43 on Friday. The stock’s 50-day simple moving average is $56.35 and its 200-day simple moving average is $72.49. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.31 and a current ratio of 0.44. The firm has a market capitalization of $2.77 billion, a PE ratio of 15.44 and a beta of 0.34. ALLETE Inc has a fifty-two week low of $48.22 and a fifty-two week high of $88.60.

ALLETE (NYSE:ALE) last announced its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.14. The business had revenue of $311.60 million for the quarter, compared to analyst estimates of $330.75 million. ALLETE had a return on equity of 7.86% and a net margin of 15.18%. The company’s revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.18 earnings per share. Sell-side analysts forecast that ALLETE Inc will post 3.59 earnings per share for the current year.

Several research analysts recently issued reports on the company. TheStreet lowered ALLETE from a “b-” rating to a “c+” rating in a research report on Wednesday, April 1st. Wells Fargo & Co reduced their target price on ALLETE from $86.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Zacks Investment Research raised ALLETE from a “sell” rating to a “hold” rating in a research report on Monday, March 23rd. ValuEngine lowered ALLETE from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Mizuho raised ALLETE from an “underperform” rating to a “neutral” rating and reduced their target price for the company from $83.00 to $74.00 in a research report on Tuesday, March 3rd. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $64.00.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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