First Citizens Bank & Trust Co. Buys New Shares in Allete, Inc. $ALE

First Citizens Bank & Trust Co. bought a new stake in shares of Allete, Inc. (NYSE:ALE) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 7,627 shares of the utilities provider’s stock, valued at approximately $489,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. AQR Arbitrage LLC increased its holdings in Allete by 39.7% in the 1st quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider’s stock valued at $77,768,000 after buying an additional 336,210 shares during the period. AQR Capital Management LLC increased its holdings in Allete by 28.8% in the 1st quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider’s stock valued at $34,430,000 after buying an additional 117,133 shares during the period. Alliancebernstein L.P. increased its holdings in Allete by 28.7% in the 1st quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider’s stock valued at $31,124,000 after buying an additional 105,611 shares during the period. Nuveen LLC bought a new stake in Allete in the 1st quarter valued at $29,913,000. Finally, Alpine Associates Management Inc. increased its holdings in Allete by 8.6% in the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider’s stock valued at $27,387,000 after buying an additional 33,000 shares during the period. Institutional investors own 76.55% of the company’s stock.

Allete Stock Up 0.1%

Shares of NYSE:ALE opened at $67.38 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $67.49. The firm has a market cap of $3.91 billion, a P/E ratio of 21.25 and a beta of 0.83. The company’s 50-day moving average price is $65.31 and its two-hundred day moving average price is $65.23.

Allete (NYSE:ALE) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.24). Allete had a net margin of 11.98% and a return on equity of 5.71%. The business had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Allete in a report on Friday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Allete presently has a consensus rating of “Hold”.

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.