Allianz Asset Management GmbH trimmed its holdings in ALLETE Inc (NYSE:ALE) by 56.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,216 shares of the utilities provider’s stock after selling 13,442 shares during the quarter. Allianz Asset Management GmbH’s holdings in ALLETE were worth $790,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in shares of ALLETE by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after purchasing an additional 700,647 shares during the period. Macquarie Group Ltd. grew its stake in shares of ALLETE by 4,655.4% during the 3rd quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock worth $52,192,000 after purchasing an additional 661,063 shares during the period. Numeric Investors LLC grew its stake in shares of ALLETE by 133.0% during the 2nd quarter. Numeric Investors LLC now owns 319,227 shares of the utilities provider’s stock worth $22,882,000 after purchasing an additional 182,227 shares during the period. Vanguard Group Inc. grew its stake in shares of ALLETE by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,960,166 shares of the utilities provider’s stock worth $355,545,000 after purchasing an additional 172,317 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of ALLETE during the 2nd quarter worth $6,702,000. 73.20% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on the stock. Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. JPMorgan Chase & Co. upped their price target on shares of ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 15th. Ladenburg Thalmann Financial Services cut shares of ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research note on Friday, October 20th. Williams Capital reiterated a “hold” rating and issued a $79.00 price objective on shares of ALLETE in a research report on Thursday, October 12th. Finally, ValuEngine lowered shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. ALLETE currently has an average rating of “Hold” and an average target price of $80.25.
ALLETE Inc (NYSE:ALE) opened at $73.00 on Friday. The stock has a market cap of $3,730.00, a PE ratio of 21.10, a price-to-earnings-growth ratio of 2.88 and a beta of 0.47. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.71. ALLETE Inc has a 1-year low of $62.04 and a 1-year high of $81.24.
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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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