AQR Arbitrage LLC Boosts Holdings in Allete, Inc. $ALE

AQR Arbitrage LLC increased its holdings in Allete, Inc. (NYSE:ALE) by 29.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,527,923 shares of the utilities provider’s stock after buying an additional 344,241 shares during the period. Allete accounts for 2.3% of AQR Arbitrage LLC’s holdings, making the stock its 4th largest position. AQR Arbitrage LLC owned 2.63% of Allete worth $97,695,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of Allete in the 1st quarter valued at approximately $29,913,000. Qube Research & Technologies Ltd lifted its stake in shares of Allete by 43.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 924,076 shares of the utilities provider’s stock valued at $59,206,000 after acquiring an additional 278,716 shares during the last quarter. Credit Industriel ET Commercial acquired a new stake in shares of Allete during the 2nd quarter valued at $10,182,000. Invesco Ltd. grew its position in Allete by 38.3% during the 2nd quarter. Invesco Ltd. now owns 519,639 shares of the utilities provider’s stock worth $33,293,000 after acquiring an additional 143,941 shares during the last quarter. Finally, Absolute Gestao de Investimentos Ltda. increased its holdings in Allete by 52.9% in the 1st quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider’s stock worth $25,541,000 after purchasing an additional 134,578 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.

Allete Stock Down 0.1%

Shares of NYSE:ALE opened at $67.90 on Friday. Allete, Inc. has a 1 year low of $62.38 and a 1 year high of $67.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.73. The business’s 50-day moving average is $67.46 and its 200-day moving average is $65.81. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 23.82 and a beta of 0.83.

Allete (NYSE:ALE) last released its earnings results on Thursday, October 30th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $434.90 million.

Analysts Set New Price Targets

A number of brokerages have recently commented on ALE. Wall Street Zen lowered Allete from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Allete in a research report on Monday. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy”.

Allete Profile

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.