Franklin Resources Inc. lifted its position in shares of Allete, Inc. (NYSE:ALE) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 601,235 shares of the utilities provider’s stock after purchasing an additional 1,235 shares during the quarter. Franklin Resources Inc. owned 1.18% of Allete worth $43,097,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of ALE. Glen Harbor Capital Management LLC grew its stake in shares of Allete by 13.3% during the 1st quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 176 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 purchasing an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. grew its stake 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 purchasing an additional 49 shares during the period. LS Investment Advisors LLC grew its stake 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 purchasing an additional 100 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Allete during the 1st quarter worth approximately $203,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of Allete, Inc. (NYSE:ALE) opened at 78.41 on Friday. The stock’s 50 day moving average is $75.92 and its 200-day moving average is $71.56. Allete, Inc. has a 52 week low of $56.48 and a 52 week high of $79.61. The firm has a market cap of $4.00 billion, a PE ratio of 23.07 and a beta of 0.48.
Allete (NYSE:ALE) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The business had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities analysts predict that Allete, Inc. will post $3.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Friday, August 11th. Allete’s dividend payout ratio (DPR) is presently 63.13%.
A number of equities research analysts have recently commented on the stock. ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Williams Capital raised their price objective on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services raised their price objective on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Allete has a consensus rating of “Buy” and a consensus price target of $78.67.
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In related news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction 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 document filed with the SEC, which is available at this link. Corporate 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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