Public Employees Retirement System of Ohio held its position in Allete, Inc. (NYSE:ALE) during the first quarter, Holdings Channel reports. The institutional investor owned 2,653 shares of the utilities provider’s stock at the end of the first quarter. Public Employees Retirement System of Ohio’s holdings in Allete were worth $180,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of ALE. Glen Harbor Capital Management LLC boosted its position in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the last quarter. Tyers Asset Management LLC boosted its position in Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock worth $140,000 after buying an additional 242 shares during the last quarter. Flinton Capital Management LLC boosted its position in Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock worth $178,000 after buying an additional 308 shares during the last quarter. Coldstream Capital Management Inc. purchased a new position in Allete during the first quarter worth $205,000. Finally, HighTower Advisors LLC purchased a new position in Allete during the first quarter worth $207,000. 72.64% of the stock is owned by institutional investors.
Shares of Allete, Inc. (NYSE ALE) traded down 0.09% during trading on Thursday, hitting $74.28. 28,161 shares of the stock traded hands. The company has a market cap of $3.79 billion, a PE ratio of 21.85 and a beta of 0.48. The firm has a 50 day moving average price of $72.33 and a 200-day moving average price of $69.52. Allete, Inc. has a one year low of $56.48 and a one year high of $75.17.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. The company had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. Analysts anticipate that Allete, Inc. will post $3.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a $0.535 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $2.14 annualized dividend and a yield of 2.88%. Allete’s dividend payout ratio is 63.13%.
ALE has been the subject of a number of analyst reports. Williams Capital upped their price objective on shares of Allete from $75.00 to $78.00 and gave the company 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. 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. Finally, BidaskClub raised shares of Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Allete has a consensus rating of “Buy” and an average price target of $75.38.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.
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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