Eagle Boston Investment Management Inc. lifted its position in Allete, Inc. (NYSE:ALE) by 5.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 229,993 shares of the utilities provider’s stock after buying an additional 11,823 shares during the period. Allete makes up about 1.7% of Eagle Boston Investment Management Inc.’s portfolio, making the stock its 8th largest position. Eagle Boston Investment Management Inc. owned approximately 0.45% of Allete worth $16,616,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of ALE. BlackRock Inc. grew its position in Allete by 1.6% during the 4th quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock worth $497,185,000 after purchasing an additional 108,468 shares during the last quarter. Victory Capital Management Inc. grew its position in Allete by 0.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,369,925 shares of the utilities provider’s stock worth $101,868,000 after purchasing an additional 6,425 shares during the last quarter. Polaris Capital Management LLC lifted its stake in Allete by 64.5% during the 1st quarter. Polaris Capital Management LLC now owns 822,800 shares of the utilities provider’s stock valued at $59,447,000 after acquiring an additional 322,600 shares during the period. Millennium Management LLC lifted its stake in Allete by 336.1% during the 4th quarter. Millennium Management LLC now owns 545,149 shares of the utilities provider’s stock valued at $40,537,000 after acquiring an additional 420,136 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Allete by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 517,000 shares of the utilities provider’s stock valued at $38,444,000 after acquiring an additional 11,463 shares during the period. 73.44% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction on Thursday, April 26th. The shares were sold at an average price of $75.16, for a total transaction of $60,128.00. Following the completion of the sale, the director now owns 15,684 shares of the company’s stock, valued at $1,178,809.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.42% of the stock is owned by corporate insiders.
ALE has been the subject of a number of research analyst reports. JPMorgan Chase reduced their price objective on shares of Allete from $76.00 to $73.00 and set an “underweight” rating for the company in a research report on Thursday, January 25th. Williams Capital upgraded shares of Allete from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Friday, February 2nd. Wells Fargo set a $71.00 price objective on shares of Allete and gave the stock a “hold” rating in a research report on Tuesday, February 13th. Zacks Investment Research cut shares of Allete from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Finally, Guggenheim restated a “hold” rating and set a $63.00 price objective on shares of Allete in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $72.93.
Allete opened at $74.00 on Friday, MarketBeat.com reports. Allete, Inc. has a 52-week low of $74.26 and a 52-week high of $75.14. The firm has a market cap of $3.81 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 3.35 and a beta of 0.30. The company has a quick ratio of 0.65, a current ratio of 1.01 and a debt-to-equity ratio of 0.67.
Allete (NYSE:ALE) last released its earnings results on Wednesday, May 2nd. The utilities provider reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.01. Allete had a net margin of 12.34% and a return on equity of 8.40%. The business had revenue of $358.20 million during the quarter, compared to analyst estimates of $355.00 million. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. equities research analysts anticipate that Allete, Inc. will post 3.36 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Tuesday, May 15th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Monday, May 14th. Allete’s payout ratio is 70.22%.
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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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