SG Americas Securities LLC Purchases 22,248 Shares of Allete, Inc. $ALE

SG Americas Securities LLC boosted its position in Allete, Inc. (NYSE:ALE) by 190.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,917 shares of the utilities provider’s stock after acquiring an additional 22,248 shares during the period. SG Americas Securities LLC owned 0.06% of Allete worth $2,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ALE. Wealth Enhancement Advisory Services LLC increased its holdings in Allete by 33.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,550 shares of the utilities provider’s stock valued at $814,000 after purchasing an additional 3,179 shares during the period. Cannon Global Investment Management LLC grew its position in shares of Allete by 152.2% in the 2nd quarter. Cannon Global Investment Management LLC now owns 22,700 shares of the utilities provider’s stock worth $1,454,000 after buying an additional 13,700 shares during the last quarter. Eisler Capital Management Ltd. increased its stake in shares of Allete by 8.3% during the second quarter. Eisler Capital Management Ltd. now owns 54,153 shares of the utilities provider’s stock valued at $3,467,000 after buying an additional 4,130 shares during the period. NINE MASTS CAPITAL Ltd bought a new position in shares of Allete during the second quarter valued at approximately $550,000. Finally, Vise Technologies Inc. bought a new position in shares of Allete during the second quarter valued at approximately $700,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

ALE has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Allete in a research report on Monday, December 15th. Wall Street Zen cut shares of Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy”.

Allete Stock Performance

Shares of ALE stock opened at $67.91 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 0.73 and a debt-to-equity ratio of 0.63. The company’s fifty day moving average price is $67.71 and its 200-day moving average price is $66.33. The stock has a market cap of $3.95 billion, a PE ratio of 23.83 and a beta of 0.83. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $67.99.

Allete (NYSE:ALE) last issued its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 11.04% and a return on equity of 5.08%.

Allete Company Profile

Allete, Inc (NYSE: ALE) is a diversified energy company headquartered in Duluth, Minnesota, whose core operations span regulated electric utility services, renewable energy development and complementary energy-related businesses. Through its principal subsidiary, Minnesota Power, the company delivers electricity to residential, commercial and industrial customers across northeastern Minnesota, leveraging a mix of hydroelectric, coal-fired and natural gas–fired generation assets.

In addition to its utility operations, Allete has expanded into renewable energy through ALLETE Clean Energy, a division focused on the development, ownership and operation of wind and solar projects in the United States.