Wolverine Asset Management LLC Buys 3,754 Shares of Allete, Inc. $ALE

Wolverine Asset Management LLC grew its stake in Allete, Inc. (NYSE:ALE) by 7.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 56,088 shares of the utilities provider’s stock after purchasing an additional 3,754 shares during the quarter. Wolverine Asset Management LLC’s holdings in Allete were worth $3,594,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Costello Asset Management INC bought a new position in shares of Allete in the 1st quarter valued at about $35,000. IFP Advisors Inc lifted its stake in Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 553 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 182 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Allete in the 2nd quarter valued at about $45,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Allete in the 1st quarter valued at about $47,000. Institutional investors own 76.55% of the company’s stock.

Allete Trading Down 0.1%

Shares of ALE stock opened at $67.34 on Friday. The firm has a 50 day moving average price of $65.59 and a two-hundred day moving average price of $65.32. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $3.91 billion, a PE ratio of 21.24 and a beta of 0.83. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $67.51.

Allete (NYSE:ALE) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.24). The company had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALE. Weiss Ratings reiterated a “hold (c+)” rating on shares of Allete in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Allete from a “hold” rating to a “sell” rating in a research note on Saturday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

About Allete

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.