BlueCrest Capital Management Ltd Takes Position in Allete, Inc. (ALE)

BlueCrest Capital Management Ltd purchased a new position in shares of Allete, Inc. (NYSE:ALE) during the first quarter, Holdings Channel reports. The institutional investor purchased 205,173 shares of the utilities provider’s stock, valued at approximately $13,892,000. Allete accounts for approximately 0.7% of BlueCrest Capital Management Ltd’s portfolio, making the stock its 29th largest position. BlueCrest Capital Management Ltd owned about 0.40% of Allete as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Glen Harbor Capital Management LLC increased its position in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the period. Pacad Investment Ltd. bought a new position in Allete during the fourth quarter worth about $116,000. Tyers Asset Management LLC bought a new position in Allete during the fourth quarter worth about $117,000. Flinton Capital Management LLC bought a new position in Allete during the fourth quarter worth about $149,000. Finally, Fortaleza Asset Management Inc. increased its position in Allete by 49.5% in the fourth quarter. Fortaleza Asset Management Inc. now owns 3,020 shares of the utilities provider’s stock worth $194,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 73.35% of the company’s stock.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

Shares of Allete, Inc. (ALE) traded down 0.60% during trading on Friday, hitting $73.02. The stock had a trading volume of 850,359 shares. Allete, Inc. has a 52-week low of $56.48 and a 52-week high of $74.59. The stock has a 50 day moving average of $71.25 and a 200 day moving average of $67.12. The firm has a market cap of $3.72 billion, a PE ratio of 22.93 and a beta of 0.50.

Allete (NYSE:ALE) last announced its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.03. The company had revenue of $365.60 million during the quarter, compared to the consensus estimate of $338 million. Allete had a net margin of 11.55% and a return on equity of 8.78%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. On average, equities analysts anticipate that Allete, Inc. will post $3.46 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 15th were given a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Thursday, May 11th. Allete’s dividend payout ratio (DPR) is currently 67.51%.

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A number of research firms have issued reports on ALE. Ladenburg Thalmann Financial Services lifted their price target on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, Williams Capital lifted their price target on Allete from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $72.13.

In related news, insider Steven Q. Devinck sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total transaction of $139,340.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

Allete Company Profile

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.

Want to see what other hedge funds are holding ALE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allete, Inc. (NYSE:ALE).

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