By otakuyassine3@gmail.com 
State of New Jersey Common Pension Fund D grew its holdings in shares of ALLETE, Inc. (NYSE:ALE – Free Report) by 3.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,525 shares of the utilities provider’s stock after purchasing an additional 1,164 shares during the period. State of New Jersey Common Pension Fund D’s holdings in ALLETE were worth $2,108,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp increased its position in ALLETE by 0.5% during the 3rd quarter. State Street Corp now owns 2,459,692 shares of the utilities provider’s stock worth $157,888,000 after purchasing an additional 13,335 shares during the period. Geode Capital Management LLC increased its position in ALLETE by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider’s stock worth $89,584,000 after purchasing an additional 21,850 shares during the period. Charles Schwab Investment Management Inc. increased its position in ALLETE by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 766,343 shares of the utilities provider’s stock worth $49,192,000 after purchasing an additional 7,739 shares during the period. Alpine Associates Management Inc. increased its position in ALLETE by 12.9% during the 3rd quarter. Alpine Associates Management Inc. now owns 398,047 shares of the utilities provider’s stock worth $25,551,000 after purchasing an additional 45,447 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of ALLETE by 3.5% in the 4th quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider’s stock worth $13,578,000 after acquiring an additional 7,153 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, StockNews.com began coverage on ALLETE in a research note on Friday, January 10th. They issued a “hold” rating for the company.
Check Out Our Latest Stock Analysis on ALLETE
ALLETE Stock Performance
NYSE ALE opened at $65.44 on Friday. ALLETE, Inc. has a 1-year low of $55.86 and a 1-year high of $65.99. The company has a market capitalization of $3.79 billion, a P/E ratio of 21.11 and a beta of 0.80. The business has a 50 day moving average price of $65.25 and a 200 day moving average price of $64.56. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69.
ALLETE (NYSE:ALE – Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a net margin of 11.72% and a return on equity of 5.97%.
ALLETE Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date is Friday, February 14th. This is a boost from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio is 94.19%.
ALLETE Company Profile
ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.
Further Reading
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