BlackRock Advisors LLC decreased its position in shares of Allete Inc. (NYSE:ALE) by 33.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,814 shares of the company’s stock after selling 115,975 shares during the period. BlackRock Advisors LLC owned about 0.47% of Allete worth $14,982,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. LS Investment Advisors LLC raised its stake in shares of Allete by 4.3% in the second quarter. LS Investment Advisors LLC now owns 1,639 shares of the company’s stock worth $106,000 after buying an additional 68 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Allete during the second quarter worth approximately $144,000. Acrospire Investment Management LLC raised its stake in shares of Allete by 69.0% in the second quarter. Acrospire Investment Management LLC now owns 2,704 shares of the company’s stock worth $175,000 after buying an additional 1,104 shares during the period. BlackRock Inc. raised its stake in shares of Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock worth $230,000 after buying an additional 1,606 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of Allete during the second quarter worth approximately $261,000. Institutional investors and hedge funds own 71.24% of the company’s stock.
Allete Inc. (NYSE:ALE) opened at 59.62 on Monday. The company has a 50 day moving average of $60.37 and a 200-day moving average of $59.47. The stock has a market capitalization of $2.94 billion, a P/E ratio of 19.57 and a beta of 0.52. Allete Inc. has a one year low of $47.93 and a one year high of $65.41.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by $0.01. Allete had a return on equity of 8.13% and a net margin of 10.02%. The business earned $314.80 million during the quarter, compared to the consensus estimate of $326.70 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. Allete’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities research analysts predict that Allete Inc. will post $3.12 earnings per share for the current fiscal year.
A number of research firms have issued reports on ALE. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a report on Tuesday, August 2nd. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Allete in a report on Monday, July 4th. Finally, KeyCorp reaffirmed an “outperform” rating and set a $65.50 price objective (up from $61.50) on shares of Allete in a report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $62.10.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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