UBS Asset Management Americas Inc. increased its stake in Allete Inc. (NYSE:ALE) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,804 shares of the company’s stock after buying an additional 395 shares during the period. UBS Asset Management Americas Inc. owned about 0.08% of Allete worth $2,573,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its position in Allete by 4.3% in the second quarter. LS Investment Advisors LLC now owns 1,639 shares of the company’s stock valued at $106,000 after buying an additional 68 shares during the period. BlackRock Inc. increased its stake in Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock valued at $230,000 after buying an additional 1,606 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Allete during the second quarter valued at about $261,000. Commonwealth Equity Services Inc increased its stake in Allete by 14.6% in the second quarter. Commonwealth Equity Services Inc now owns 4,192 shares of the company’s stock valued at $271,000 after buying an additional 534 shares in the last quarter. Finally, Gray Financial Group GA ADV ADV increased its stake in Allete by 16.5% in the second quarter. Gray Financial Group GA ADV ADV now owns 4,385 shares of the company’s stock valued at $283,000 after buying an additional 621 shares in the last quarter. 71.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Allete Inc. (NYSE:ALE) traded up 0.74% during mid-day trading on Friday, reaching $57.38. The company had a trading volume of 74,972 shares. The firm’s 50-day moving average is $60.08 and its 200 day moving average is $59.50. Allete Inc. has a 12 month low of $47.93 and a 12 month high of $65.41. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 18.84 and a beta of 0.52.
Allete (NYSE:ALE) last released its earnings results on Wednesday, August 3rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by $0.01. The company earned $314.80 million during the quarter, compared to analyst estimates of $326.70 million. Allete had a net margin of 10.02% and a return on equity of 8.13%. Allete’s revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. On average, equities research analysts predict that Allete Inc. will post $3.12 earnings per share for the current year.
Several equities research analysts have issued reports on ALE shares. JPMorgan Chase & Co. restated a “sell” rating on shares of Allete in a report on Monday, July 4th. KeyCorp restated 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. Finally, Zacks Investment Research downgraded Allete from a “hold” rating to a “sell” rating in a report on Friday, August 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus 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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