Piermont Capital Management Lowers stake in ALLETE Inc (ALE)

ALLETE Inc (ALE) : Piermont Capital Management reduced its stake in ALLETE Inc by 2.38% during the most recent quarter end. The investment management company now holds a total of 61,581 shares of ALLETE Inc which is valued at $3.5 Million after selling 1,500 shares in ALLETE Inc , the firm said in a disclosure report filed with the SEC on May 11, 2016.ALLETE Inc makes up approximately 1.14% of Piermont Capital Management’s portfolio.

Other Hedge Funds, Including , Manufacturers Life Insurance Company The boosted its stake in ALE in the latest quarter, The investment management firm added 751 additional shares and now holds a total of 33,152 shares of ALLETE Inc which is valued at $1.9 Million.Gabelli Funds reduced its stake in ALE by selling 1,000 shares or 0.29% in the most recent quarter. The Hedge Fund company now holds 348,000 shares of ALE which is valued at $19.8 Million. ALLETE Inc makes up approx 0.12% of Gabelli Funds’s portfolio.American Century Companies Inc reduced its stake in ALE by selling 21,939 shares or 10.07% in the most recent quarter. The Hedge Fund company now holds 195,929 shares of ALE which is valued at $11.2 Million. ALLETE Inc makes up approx 0.01% of American Century Companies Inc’s portfolio. Checchi Capital Advisers added ALE to its portfolio by purchasing 67 company shares during the most recent quarter which is valued at $3,813.

ALLETE Inc opened for trading at $56.77 and hit $57.12 on the upside on Monday, eventually ending the session at $56.94, with a gain of 0.05% or 0.03 points. The heightened volatility saw the trading volume jump to 2,90,497 shares. Company has a market cap of $2,805 M.

On the company’s financial health, ALLETE Inc reported $0.93 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.90. The company had revenue of $333.80 million for the quarter.The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS.

Many Wall Street Analysts have commented on ALLETE Inc.

ALLETE Inc. is a provider of energy. The Company operates under the following segments: Regulated Operations and Investments and Other. The Company’s Regulated Operations segment includes its regulated utilities Minnesota Power and Superior Water Light and Power Co. (SWL&P) as well as its investment in American Transmission Company (ATC). The Investments and Other segment comprises its energy infrastructure and related services businesses ALLETE Clean Energy Inc. and BNI Coal Inc. Investments and Other segment also includes ALLETE Properties LLC other business development and corporate expenditures unallocated interest expense non-rate base generation approximately 5000 acres of land in Minnesota and earnings on cash and investments. The Company’s subsidiaries include ALLETE Clean Energy Inc. BNI Coal Inc. Rainy River Energy Corporation and ALLETE Properties LLC among others.

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