Alpine Associates Management Inc. Buys 26,200 Shares of Allete, Inc. $ALE

Alpine Associates Management Inc. lifted its stake in Allete, Inc. (NYSE:ALE) by 6.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 443,047 shares of the utilities provider’s stock after purchasing an additional 26,200 shares during the quarter. Allete accounts for approximately 1.5% of Alpine Associates Management Inc.’s holdings, making the stock its 21st biggest position. Alpine Associates Management Inc.’s holdings in Allete were worth $28,386,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Allete in the first quarter worth approximately $29,913,000. AQR Arbitrage LLC boosted its stake in Allete by 39.7% during the 1st quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider’s stock valued at $77,768,000 after purchasing an additional 336,210 shares during the last quarter. Alberta Investment Management Corp increased its holdings in shares of Allete by 784.6% in the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider’s stock worth $18,541,000 after purchasing an additional 250,302 shares in the last quarter. Credit Industriel ET Commercial bought a new stake in shares of Allete in the 2nd quarter worth $10,182,000. Finally, Absolute Gestao de Investimentos Ltda. raised its stake in shares of Allete by 52.9% in the first quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider’s stock worth $25,541,000 after purchasing an additional 134,578 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ALE shares. Wall Street Zen cut Allete from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Allete in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Allete Price Performance

Shares of NYSE:ALE opened at $67.34 on Monday. 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 stock has a market capitalization of $3.91 billion, a PE ratio of 21.24 and a beta of 0.83. The firm’s 50 day moving average price is $65.59 and its 200-day moving average price is $65.33. Allete, Inc. has a twelve month low of $62.38 and a twelve month high of $67.51.

Allete (NYSE:ALE) last announced its earnings results on Friday, October 31st. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.34). Allete had a net margin of 11.98% and a return on equity of 5.71%. The business had revenue of $375.00 million for the quarter, compared to the consensus estimate of $434.90 million.

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.