ProShare Advisors LLC Lowers Stock Holdings in Allete, Inc. $ALE

ProShare Advisors LLC lowered its position in Allete, Inc. (NYSE:ALE) by 15.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 107,477 shares of the utilities provider’s stock after selling 20,354 shares during the quarter. ProShare Advisors LLC’s holdings in Allete were worth $6,886,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in shares of Allete by 5.4% in the first quarter. Envestnet Asset Management Inc. now owns 30,475 shares of the utilities provider’s stock valued at $2,002,000 after acquiring an additional 1,558 shares in the last quarter. State of Michigan Retirement System raised its stake in Allete by 1.5% during the 1st quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider’s stock valued at $910,000 after purchasing an additional 200 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Allete by 1.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider’s stock worth $1,064,000 after purchasing an additional 200 shares in the last quarter. CWM LLC lifted its holdings in Allete by 49.1% in the 1st quarter. CWM LLC now owns 6,332 shares of the utilities provider’s stock worth $416,000 after purchasing an additional 2,084 shares in the last quarter. Finally, Tabor Asset Management LP bought a new position in Allete in the 1st quarter worth approximately $1,766,000. 76.55% of the stock is owned by institutional investors.

Allete Stock Performance

NYSE:ALE opened at $67.55 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 21.31 and a beta of 0.84. Allete, Inc. has a 1 year low of $62.38 and a 1 year high of $67.57. The stock’s 50 day simple moving average is $66.11 and its two-hundred day simple moving average is $65.46.

Allete (NYSE:ALE) last announced its quarterly earnings results on Friday, October 31st. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.34). The business had revenue of $375.00 million during the quarter, compared to the consensus estimate of $434.90 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALE. Wall Street Zen cut shares of Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Weiss Ratings raised shares of Allete from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy”.

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.