Allete (ALE) Shareholder Channing Capital Management Has Trimmed Its Position by $8.25 Million; Penney J C Com (JCP) Market Value Declined While Pinebridge Investments LP Has Boosted by $982,923 Its Stake

January 13, 2018 - By Michael Collier

Pinebridge Investments Lp increased its stake in Penney J C Inc Com (JCP) by 802.71% based on its latest 2017Q3 regulatory filing with the SEC. Pinebridge Investments Lp bought 327,641 shares as the company’s stock declined 35.14% while stock markets rallied. The hedge fund held 368,458 shares of the consumer services company at the end of 2017Q3, valued at $1.40 million, up from 40,817 at the end of the previous reported quarter. Pinebridge Investments Lp who had been investing in Penney J C Inc Com for a number of months, seems to be bullish on the $1.26 billion market cap company. The stock decreased 0.98% or $0.04 during the last trading session, reaching $4.05. About 23.07M shares traded or 19.91% up from the average. J. C. Penney Company, Inc. (NYSE:JCP) has declined 40.00% since January 13, 2017 and is downtrending. It has underperformed by 56.70% the S&P500.

Channing Capital Management Llc decreased its stake in Allete Inc (ALE) by 14.89% based on its latest 2017Q3 regulatory filing with the SEC. Channing Capital Management Llc sold 107,124 shares as the company’s stock rose 4.01% with the market. The institutional investor held 612,226 shares of the public utilities company at the end of 2017Q3, valued at $47.32 million, down from 719,350 at the end of the previous reported quarter. Channing Capital Management Llc who had been investing in Allete Inc for a number of months, seems to be less bullish one the $3.73B market cap company. The stock increased 0.63% or $0.46 during the last trading session, reaching $73. About 255,019 shares traded or 12.28% up from the average. ALLETE, Inc. (NYSE:ALE) has risen 26.32% since January 13, 2017 and is uptrending. It has outperformed by 9.62% the S&P500.

Channing Capital Management Llc, which manages about $1.58 billion and $2.66 billion US Long portfolio, upped its stake in Cbs Corporation (NYSE:CBS) by 27,064 shares to 251,345 shares, valued at $14.58M in 2017Q3, according to the filing. It also increased its holding in Halliburton Co Hldg Co (NYSE:HAL) by 26,096 shares in the quarter, for a total of 199,851 shares, and has risen its stake in Stifel Fin Corp (NYSE:SF).

Analysts await ALLETE, Inc. (NYSE:ALE) to report earnings on February, 21. They expect $0.80 EPS, down 10.11% or $0.09 from last year’s $0.89 per share. ALE’s profit will be $40.83M for 22.81 P/E if the $0.80 EPS becomes a reality. After $1.04 actual EPS reported by ALLETE, Inc. for the previous quarter, Wall Street now forecasts -23.08% negative EPS growth.

Among 8 analysts covering ALLETE Inc (NYSE:ALE), 1 have Buy rating, 1 Sell and 6 Hold. Therefore 13% are positive. ALLETE Inc had 15 analyst reports since October 15, 2015 according to SRatingsIntel. Williams Capital Group maintained ALLETE, Inc. (NYSE:ALE) on Monday, June 19 with “Buy” rating. The firm has “Underweight” rating by JP Morgan given on Wednesday, November 15. The stock of ALLETE, Inc. (NYSE:ALE) has “Buy” rating given on Tuesday, December 8 by Wunderlich. The company was downgraded on Thursday, October 12 by Williams Capital Group. Wunderlich downgraded ALLETE, Inc. (NYSE:ALE) on Monday, October 19 to “Hold” rating. As per Tuesday, March 29, the company rating was downgraded by Williams Capital Group. The rating was initiated by Macquarie Research with “Neutral” on Friday, November 4. The rating was downgraded by KeyBanc Capital Markets on Thursday, October 19 to “Hold”. Williams Capital Group maintained it with “Buy” rating and $75 target in Friday, April 21 report. The stock of ALLETE, Inc. (NYSE:ALE) has “Hold” rating given on Friday, October 20 by Ladenburg.

Since August 8, 2017, it had 0 insider buys, and 1 insider sale for $187,075 activity.

Investors sentiment decreased to 0.98 in 2017 Q3. Its down 0.33, from 1.31 in 2017Q2. It is negative, as 23 investors sold ALE shares while 80 reduced holdings. 27 funds opened positions while 74 raised stakes. 36.24 million shares or 3.35% more from 35.07 million shares in 2017Q2 were reported. Moreover, Zurcher Kantonalbank (Zurich Cantonalbank) has 0% invested in ALLETE, Inc. (NYSE:ALE) for 1,802 shares. First Manhattan Company stated it has 466 shares. Duncker Streett holds 666 shares or 0.02% of its portfolio. 329,303 were reported by Panagora Asset Mgmt. Jpmorgan Chase & reported 0% stake. Piermont Capital holds 30,140 shares or 0.77% of its portfolio. Amp Capital Invsts Ltd holds 3,473 shares. Pub Employees Retirement Association Of Colorado reported 0.01% in ALLETE, Inc. (NYSE:ALE). Neuberger Berman Grp Ltd Liability stated it has 140,170 shares or 0.01% of all its holdings. Franklin Resources, California-based fund reported 600,333 shares. Fifth Third Commercial Bank holds 200 shares or 0% of its portfolio. Macquarie Grp Limited accumulated 675,263 shares. Gemmer Asset Mgmt Ltd Liability Com invested in 0% or 127 shares. Oppenheimer Asset Incorporated reported 428 shares or 0% of all its holdings. Martingale Asset Mngmt Limited Partnership reported 100,816 shares.

Pinebridge Investments Lp, which manages about $38.23 billion and $4.16 billion US Long portfolio, decreased its stake in East West Bancorp Inc Com (NASDAQ:EWBC) by 8,902 shares to 253,774 shares, valued at $15.17 million in 2017Q3, according to the filing. It also reduced its holding in Bb&T Corp Com (NYSE:BBT) by 179,565 shares in the quarter, leaving it with 496,452 shares, and cut its stake in Innoviva Inc Com.

Among 29 analysts covering J.C. Penney Company (NYSE:JCP), 3 have Buy rating, 5 Sell and 21 Hold. Therefore 10% are positive. J.C. Penney Company had 82 analyst reports since July 22, 2015 according to SRatingsIntel. The rating was maintained by Sterne Agee CRT with “Hold” on Sunday, August 16. BMO Capital Markets maintained the shares of JCP in report on Monday, October 30 with “Market Perform” rating. On Monday, February 22 the stock rating was initiated by Cowen & Co with “Market Perform”. The rating was upgraded by Credit Suisse to “Neutral” on Friday, January 29. The rating was downgraded by Citigroup on Monday, October 30 to “Sell”. Goldman Sachs maintained J. C. Penney Company, Inc. (NYSE:JCP) on Monday, March 28 with “Sell” rating. The firm has “Neutral” rating given on Monday, October 30 by B. Riley & Co. The stock of J. C. Penney Company, Inc. (NYSE:JCP) earned “Outperform” rating by Telsey Advisory Group on Monday, May 15. The stock of J. C. Penney Company, Inc. (NYSE:JCP) has “Sell” rating given on Wednesday, October 7 by Citigroup. Jefferies maintained the stock with “Hold” rating in Wednesday, August 2 report.

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