Allete, Inc. (NYSE:ALE) Short Interest Update
by Mitch Edgeman · The Markets DailyAllete, Inc. (NYSE:ALE – Get Free Report) saw a significant decline in short interest in the month of December. As of December 15th, there was short interest totaling 18,268 shares, a decline of 97.6% from the November 30th total of 767,793 shares. Based on an average trading volume of 1,352,225 shares, the short-interest ratio is currently 0.0 days. Currently, 0.0% of the shares of the company are short sold. Currently, 0.0% of the shares of the company are short sold. Based on an average trading volume of 1,352,225 shares, the short-interest ratio is currently 0.0 days.
Wall Street Analyst Weigh In
ALE has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Allete in a research note on Monday, December 15th. Wall Street Zen cut Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy”.
View Our Latest Stock Report on ALE
Institutional Investors Weigh In On Allete
Several institutional investors and hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. grew its stake in Allete by 529.6% during the third quarter. Balyasny Asset Management L.P. now owns 975,761 shares of the utilities provider’s stock worth $64,791,000 after buying an additional 820,782 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Allete during the 2nd quarter worth approximately $43,127,000. AQR Arbitrage LLC boosted its position in shares of Allete by 29.1% during the 2nd quarter. AQR Arbitrage LLC now owns 1,527,923 shares of the utilities provider’s stock worth $97,695,000 after acquiring an additional 344,241 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in Allete by 43.2% in the second 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. Finally, Voloridge Investment Management LLC raised its position in Allete by 246.6% during the third quarter. Voloridge Investment Management LLC now owns 363,788 shares of the utilities provider’s stock valued at $24,156,000 after purchasing an additional 258,843 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.
Allete Price Performance
Shares of ALE stock traded down $0.03 during trading on Wednesday, hitting $67.91. The company had a trading volume of 4,393,968 shares, compared to its average volume of 1,046,065. The firm has a market capitalization of $3.95 billion, a P/E ratio of 23.83 and a beta of 0.83. Allete has a one year low of $62.38 and a one year high of $67.99. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.73 and a current ratio of 1.17. The stock’s 50-day moving average price is $67.56 and its 200 day moving average price is $65.97.
Allete (NYSE:ALE – Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The utilities provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.34). The company had revenue of $375.00 million for the quarter, compared to the consensus estimate of $434.90 million. Allete had a return on equity of 5.08% and a net margin of 11.04%.
About Allete
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.