Texas Permanent School Fund Corp Sells 7,392 Shares of Allete, Inc. $ALE

Texas Permanent School Fund Corp lowered its stake in shares of Allete, Inc. (NYSE:ALE) by 19.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,196 shares of the utilities provider’s stock after selling 7,392 shares during the period. Texas Permanent School Fund Corp owned approximately 0.05% of Allete worth $1,999,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Osaic Holdings Inc. raised its position in shares of Allete by 19.5% in the 2nd quarter. Osaic Holdings Inc. now owns 24,115 shares of the utilities provider’s stock valued at $1,545,000 after acquiring an additional 3,938 shares during the period. Caxton Associates LLP acquired a new position in Allete during the second quarter valued at approximately $43,127,000. FORA Capital LLC bought a new stake in Allete in the second quarter valued at approximately $333,000. Headlands Technologies LLC raised its holdings in Allete by 10,173.1% in the second quarter. Headlands Technologies LLC now owns 5,342 shares of the utilities provider’s stock worth $342,000 after purchasing an additional 5,290 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Allete by 240.4% during the second quarter. Tower Research Capital LLC TRC now owns 7,777 shares of the utilities provider’s stock worth $498,000 after purchasing an additional 5,492 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALE has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Allete in a report on Monday, December 15th. Wall Street Zen cut Allete from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Allete Trading Down 0.0%

ALE opened at $67.91 on Monday. 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 current ratio of 1.17, a quick ratio of 0.73 and a debt-to-equity ratio of 0.63. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $67.99. The firm’s fifty day simple moving average is $67.52 and its 200 day simple moving average is $65.91.

Allete (NYSE:ALE) last released its earnings results on Thursday, October 30th. The utilities provider reported $0.46 earnings per share (EPS) 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 firm had revenue of $375.00 million for the quarter, compared to the consensus estimate of $434.90 million.

Allete 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.