Teacher Retirement System of Texas cut its stake in Allete, Inc. (NYSE:ALE) by 1.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,752 shares of the utilities provider’s stock after selling 73 shares during the period. Teacher Retirement System of Texas’ holdings in Allete were worth $254,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Glen Harbor Capital Management LLC boosted its stake in shares of Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock valued at $102,000 after buying an additional 176 shares during the period. Pacad Investment Ltd. acquired a new stake in shares of Allete during the fourth quarter valued at $116,000. Tyers Asset Management LLC acquired a new stake in shares of Allete during the fourth quarter valued at $117,000. Flinton Capital Management LLC acquired a new stake in shares of Allete during the fourth quarter valued at $149,000. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Allete during the first quarter valued at approximately $205,000. Institutional investors and hedge funds own 72.32% of the company’s stock.
Shares of Allete, Inc. (ALE) opened at 70.56 on Tuesday. Allete, Inc. has a one year low of $56.48 and a one year high of $74.59. The company’s 50 day moving average is $72.25 and its 200 day moving average is $67.84. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 22.16 and a beta of 0.48.
Allete (NYSE:ALE) last announced its earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The business had revenue of $365.60 million for the quarter, compared to the consensus estimate of $338 million. Allete had a net margin of 11.55% and a return on equity of 8.78%. Allete’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. Equities research analysts predict that Allete, Inc. will post $3.46 earnings per share for the current year.
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ALE has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday, March 27th. Williams Capital boosted their target price 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 boosted their target price 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. Finally, BidaskClub cut shares of Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $72.88.
In related news, insider Steven Q. Devinck sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total value of $139,340.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.42% of the company’s stock.
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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