Allete, Inc. $ALE Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd reduced its position in shares of Allete, Inc. (NYSE:ALE) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,448 shares of the utilities provider’s stock after selling 1,052 shares during the period. Magellan Asset Management Ltd owned about 0.07% of Allete worth $2,656,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ALE. Cannon Global Investment Management LLC increased its stake in Allete by 152.2% during the second quarter. Cannon Global Investment Management LLC now owns 22,700 shares of the utilities provider’s stock worth $1,454,000 after purchasing an additional 13,700 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Allete by 1.9% in the first quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider’s stock valued at $12,384,000 after purchasing an additional 3,585 shares during the period. Intech Investment Management LLC grew its holdings in shares of Allete by 37.8% in the first quarter. Intech Investment Management LLC now owns 40,204 shares of the utilities provider’s stock valued at $2,641,000 after purchasing an additional 11,019 shares in the last quarter. Alpine Associates Management Inc. increased its stake in Allete by 8.6% during the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider’s stock worth $27,387,000 after buying an additional 33,000 shares during the period. Finally, First Citizens Bank & Trust Co. purchased a new stake in Allete during the 2nd quarter worth approximately $489,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ALE shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Allete in a research report on Wednesday, October 8th. Wall Street Zen lowered Allete from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold”.

Allete Trading Up 0.2%

Shares of NYSE:ALE opened at $67.43 on Friday. Allete, Inc. has a 52 week low of $62.38 and a 52 week high of $67.51. The company’s 50 day moving average is $65.89 and its two-hundred day moving average is $65.41. The company has a market cap of $3.92 billion, a PE ratio of 21.27 and a beta of 0.84. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

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

Allete Company Profile

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.