Alpine Associates Management Inc. Increases Stock Position in Allete, Inc. $ALE

Alpine Associates Management Inc. increased its holdings in Allete, Inc. (NYSE:ALE) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 443,047 shares of the utilities provider’s stock after buying an additional 26,200 shares during the period. Allete accounts for 1.5% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 21st biggest position. Alpine Associates Management Inc. owned approximately 0.76% of Allete worth $28,386,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Costello Asset Management INC bought a new stake in Allete during the 1st quarter worth approximately $35,000. Hexagon Capital Partners LLC increased its stake in Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 182 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 553 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of Allete during the 2nd quarter valued at about $45,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Allete during the first quarter worth about $47,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.

Allete Stock Performance

Shares of ALE opened at $67.34 on Monday. Allete, Inc. has a one year low of $62.38 and a one year high of $67.51. The firm has a market capitalization of $3.91 billion, a PE ratio of 21.24 and a beta of 0.83. The company has a 50-day simple moving average of $65.59 and a two-hundred day simple moving average of $65.33. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81.

Allete (NYSE:ALE) last released 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 during the quarter, compared to analysts’ expectations of $434.90 million. Allete had a net margin of 11.98% and a return on equity of 5.71%.

Wall Street Analysts Forecast Growth

ALE has been the subject of several research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Allete in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Allete from a “hold” rating to a “sell” rating in a report on Saturday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

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.