Mutual of America Capital Management LLC Sells 1,005 Shares of Allete, Inc. $ALE

Mutual of America Capital Management LLC lowered its stake in Allete, Inc. (NYSE:ALE) by 3.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,794 shares of the utilities provider’s stock after selling 1,005 shares during the period. Mutual of America Capital Management LLC’s holdings in Allete were worth $1,845,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Costello Asset Management INC bought a new position in Allete in the first quarter valued at about $35,000. Hexagon Capital Partners LLC grew its position in Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 182 shares during the last quarter. IFP Advisors Inc grew its position in Allete by 3,456.3% in the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 553 shares during the last quarter. Bayforest Capital Ltd bought a new position in Allete in the second quarter valued at about $45,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Allete in the first quarter valued at about $47,000. Institutional investors own 76.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Allete in a research report on Friday. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Allete presently has a consensus rating of “Hold”.

Allete Stock Performance

Shares of ALE stock opened at $67.38 on Friday. The business’s 50-day moving average price is $65.31 and its 200-day moving average price is $65.23. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $67.49. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.25 and a beta of 0.83. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.24). Allete had a net margin of 11.98% and a return on equity of 5.71%. The firm had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. During the same period in the previous year, the business posted $0.82 earnings per share. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year.

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.