Eagle Boston Investment Management Inc. cut its stake in shares of Allete, Inc. (NYSE:ALE) by 9.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 203,885 shares of the utilities provider’s stock after selling 21,174 shares during the quarter. Allete makes up approximately 1.6% of Eagle Boston Investment Management Inc.’s portfolio, making the stock its 8th biggest position. Eagle Boston Investment Management Inc. owned 0.40% of Allete worth $15,866,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in ALE. Principal Financial Group Inc. raised its position in Allete by 93.8% in the second quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares in the last quarter. Macquarie Group Ltd. raised its position in Allete by 4,655.4% in the third quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock worth $52,192,000 after acquiring an additional 661,063 shares in the last quarter. Federated Investors Inc. PA raised its position in Allete by 271,658.0% in the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock worth $13,442,000 after acquiring an additional 187,444 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new position in Allete in the second quarter worth $13,295,000. Finally, Numeric Investors LLC grew its holdings in Allete by 133.0% in the second quarter. Numeric Investors LLC now owns 319,227 shares of the utilities provider’s stock valued at $22,882,000 after purchasing an additional 182,227 shares during the last quarter. 73.14% of the stock is owned by institutional investors and hedge funds.
Shares of Allete, Inc. (NYSE:ALE) opened at $80.39 on Tuesday. Allete, Inc. has a 52-week low of $61.15 and a 52-week high of $81.24. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $4,093.89, a price-to-earnings ratio of 22.16, a PEG ratio of 4.09 and a beta of 0.47.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th were issued a dividend of $0.535 per share. The ex-dividend date was Tuesday, November 14th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.66%. Allete’s dividend payout ratio is 61.85%.
A number of analysts recently commented on the company. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. J P Morgan Chase & Co increased their price objective on Allete from $66.00 to $73.00 and gave the company an “underweight” rating in a research note on Thursday, October 12th. BidaskClub raised Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. ValuEngine lowered Allete from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Williams Capital reissued a “hold” rating and issued a $79.00 price objective on shares of Allete in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. Allete has an average rating of “Hold” and an average price target of $80.25.
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ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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