Tokio Marine Asset Management Co. Ltd. Sells 57,100 Shares of Allete, Inc. $ALE

by · The Cerbat Gem

Tokio Marine Asset Management Co. Ltd. lessened its position in shares of Allete, Inc. (NYSE:ALE – Free Report) by 47.9% in the third quarter, HoldingsChannel.com reports. The firm owned 62,100 shares of the utilities provider’s stock after selling 57,100 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Allete were worth $4,123,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALE. CX Institutional raised its stake in Allete by 67.3% during the third quarter. CX Institutional now owns 445 shares of the utilities provider’s stock worth $30,000 after buying an additional 179 shares during the last quarter. IFP Advisors Inc raised its position in shares of Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock worth $40,000 after acquiring an additional 553 shares in the last quarter. Bayforest Capital Ltd acquired a new position in shares of Allete in the 2nd quarter valued at about $45,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Allete during the 2nd quarter valued at about $56,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Allete during the 2nd quarter valued at about $106,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in 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 shares of 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.com, the company presently has an average rating of “Buy”.

View Our Latest Research Report on ALE

Allete Trading Down 0.0%

NYSE:ALE opened at $67.91 on Monday. 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 firm has a 50-day moving average of $67.69 and a 200-day moving average of $66.27. The company has a market cap of $3.95 billion, a PE ratio of 23.83 and a beta of 0.83. Allete, Inc. has a one year low of $62.38 and a one year high of $67.99.

Allete (NYSE:ALE – Get Free Report) last announced its quarterly earnings results on Thursday, October 30th. 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 net margin of 11.04% and a return on equity of 5.08%.

Allete Company Profile

(Free Report)

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.

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