3,051 Shares in Allete, Inc. (NYSE:ALE) Acquired by HighTower Advisors LLC

HighTower Advisors LLC bought a new stake in shares of Allete, Inc. (NYSE:ALE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,051 shares of the utilities provider’s stock, valued at approximately $207,000.

A number of other large investors have also recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares in the last quarter. Blackstart Capital LP acquired a new position in shares of Allete during the first quarter valued at about $5,883,000. Jane Street Group LLC acquired a new position in shares of Allete during the first quarter valued at about $363,000. Victory Capital Management Inc. boosted its position in shares of Allete by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock valued at $103,033,000 after buying an additional 4,111 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Allete by 1.3% in the first quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock valued at $6,793,000 after buying an additional 1,270 shares during the period. Institutional investors own 73.28% of the company’s stock.

Shares of Allete, Inc. (NYSE:ALE) traded up 0.78% during mid-day trading on Friday, hitting $75.07. 209,981 shares of the stock traded hands. Allete, Inc. has a 12-month low of $56.48 and a 12-month high of $75.26. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 22.09 and a beta of 0.48. The firm’s 50 day moving average price is $72.60 and its 200 day moving average price is $70.00.

Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. The company’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, equities research analysts predict that Allete, Inc. will post $3.38 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.535 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.85%. Allete’s payout ratio is currently 63.13%.

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Several brokerages recently issued reports on ALE. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a report on Monday, August 14th. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Williams Capital raised their price target on shares of Allete from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Finally, Ladenburg Thalmann Financial Services raised their price target on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $75.38.

In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

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