Short Interest in Allete, Inc. (NYSE:ALE) Drops By 97.6%

Allete, Inc. (NYSE:ALE) was the target of a large drop in short interest in the month of December. As of December 15th, there was short interest totaling 18,268 shares, a drop of 97.6% from the November 30th total of 767,793 shares. Approximately 0.0% of the company’s stock are short sold. Based on an average daily volume of 1,352,225 shares, the short-interest ratio is currently 0.0 days. Based on an average daily volume of 1,352,225 shares, the short-interest ratio is currently 0.0 days. Approximately 0.0% of the company’s stock are short sold.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Triumph Capital Management purchased a new position in Allete during the 3rd quarter worth approximately $27,000. FNY Investment Advisers LLC purchased a new stake in Allete in the third quarter valued at $1,892,000. IFP Advisors Inc grew its position in Allete by 27.8% during the 3rd quarter. IFP Advisors Inc now owns 727 shares of the utilities provider’s stock worth $51,000 after purchasing an additional 158 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Allete during the 3rd quarter worth about $414,000. Finally, Captrust Financial Advisors raised its stake in shares of Allete by 1.0% during the 3rd quarter. Captrust Financial Advisors now owns 43,979 shares of the utilities provider’s stock valued at $2,920,000 after buying an additional 415 shares during the last quarter. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Stock Down 0.0%

Shares of Allete stock traded down $0.03 on Thursday, reaching $67.91. The stock had a trading volume of 4,393,968 shares, compared to its average volume of 1,046,065. The company has a quick ratio of 0.73, a current ratio of 1.17 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $3.95 billion, a P/E ratio of 23.83 and a beta of 0.83. The company has a 50 day moving average price of $67.56 and a 200 day moving average price of $65.97. Allete has a 1 year low of $62.38 and a 1 year high of $67.99.

Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, October 30th. The utilities provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.34). Allete had a return on equity of 5.08% and a net margin of 11.04%.The business had revenue of $375.00 million during the quarter, compared to analyst estimates of $434.90 million.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ALE shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Allete in a research note on Monday, December 15th. Wall Street Zen lowered Allete from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy”.

Allete Company Profile

Allete, Inc (NYSE: ALE) is a diversified energy company headquartered in Duluth, Minnesota, whose core operations span regulated electric utility services, renewable energy development and complementary energy-related businesses. Through its principal subsidiary, Minnesota Power, the company delivers electricity to residential, commercial and industrial customers across northeastern Minnesota, leveraging a mix of hydroelectric, coal-fired and natural gas–fired generation assets.

In addition to its utility operations, Allete has expanded into renewable energy through ALLETE Clean Energy, a division focused on the development, ownership and operation of wind and solar projects in the United States.