ProShare Advisors LLC Decreases Stock Position in Allete, Inc. $ALE

ProShare Advisors LLC cut its holdings in Allete, Inc. (NYSE:ALE) by 15.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,477 shares of the utilities provider’s stock after selling 20,354 shares during the quarter. ProShare Advisors LLC owned 0.19% of Allete worth $6,886,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ALE. Costello Asset Management INC purchased a new position in shares of Allete in the first quarter worth $35,000. IFP Advisors Inc increased its holdings in Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock worth $40,000 after buying an additional 553 shares in the last quarter. Bayforest Capital Ltd purchased a new position in Allete in the 2nd quarter worth about $45,000. Caitong International Asset Management Co. Ltd purchased a new position in Allete in the 1st quarter worth about $47,000. Finally, MJT & Associates Financial Advisory Group Inc. bought a new position in Allete during the 1st quarter valued at about $91,000. Institutional investors own 76.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALE. Wall Street Zen lowered shares of Allete from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Weiss Ratings upgraded shares of Allete from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, November 7th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy”.

Allete Stock Performance

ALE opened at $67.55 on Thursday. The company’s 50 day moving average is $66.11 and its 200 day moving average is $65.46. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 21.31 and a beta of 0.84. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $67.57.

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

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.