Shelton Capital Management Takes $356,000 Position in Allete, Inc. (ALE)

Shelton Capital Management bought a new position in shares of Allete, Inc. (NYSE:ALE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,972 shares of the utilities provider’s stock, valued at approximately $356,000.

Several other institutional investors have also recently bought and sold shares of ALE. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Allete by 8.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after buying an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of Allete by 2.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares in the last quarter. LS Investment Advisors LLC lifted its position in shares of Allete by 5.6% during the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Allete by 2.1% during the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after buying an additional 45 shares in the last quarter. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Allete during the 1st quarter worth approximately $203,000. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

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Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share.

Several equities analysts have commented on ALE shares. ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Williams Capital lifted their target price on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. BidaskClub cut shares of Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $77.50.

In related news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.42% of the stock is owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Allete (NYSE:ALE)

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