Allete Incorporated (NYSE:ALE) Shorts Decreased by 7.86% After Short Covering


The stock of Allete Incorporated (NYSE:ALE) registered a decrease of 7.86% in short interest. ALE’s total short interest was 874,100 shares in September as published by FINRA. Its down 7.86% from 948,700 shares, reported previously. With 214,100 shares average volume, it will take short sellers 4 days to cover their ALE’s short positions. The short interest to Allete Incorporated’s float is 1.78%. About 329,776 shares traded hands or 70.47% up from the average. ALLETE Inc (NYSE:ALE) has risen 11.49% since February 8, 2016 and is uptrending. It has underperformed by 5.00% the S&P500.

ALLETE, Inc. is an energy company. The Firm operates through three divisions. The company has a market cap of $2.94 billion. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company , as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets. It has a 19.36 P/E ratio. The Company’s regulated utility activities include retail and wholesale activities.

The institutional sentiment decreased to 1.16 in Q2 2016. Its down 0.40, from 1.56 in 2016Q1. The ratio dived, as 23 funds sold all ALLETE Inc shares owned while 70 reduced positions. 29 funds bought stakes while 79 increased positions. They now own 33.41 million shares or 3.56% less from 34.64 million shares in 2016Q1.

Channing Capital Management Llc holds 2.19% of its portfolio in ALLETE Inc for 809,983 shares. Deroy & Devereaux Private Investment Counsel Inc owns 251,126 shares or 2.16% of their US portfolio. Moreover, Polaris Capital Management Llc has 1.87% invested in the company for 333,200 shares. The Massachusetts-based Eagle Boston Investment Management Inc has invested 1.86% in the stock. Lombardia Capital Partners Llc, a California-based fund reported 430,877 shares.

Out of 4 analysts covering ALLETE Inc (NYSE:ALE), 1 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 25% are positive. ALLETE Inc has been the topic of 6 analyst reports since October 15, 2015 according to StockzIntelligence Inc. JP Morgan maintained the stock on March 30 with “Underweight” rating.

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