Bowling Portfolio Management LLC purchased a new stake in ALLETE Inc (NYSE:ALE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 35,220 shares of the utilities provider’s stock, valued at approximately $2,619,000. Bowling Portfolio Management LLC owned 0.07% of ALLETE at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in ALLETE by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 187,454 shares of the utilities provider’s stock valued at $13,437,000 after buying an additional 13,039 shares in the last quarter. Alliancebernstein L.P. grew its holdings in ALLETE by 22.0% in the 2nd quarter. Alliancebernstein L.P. now owns 113,487 shares of the utilities provider’s stock valued at $8,135,000 after buying an additional 20,480 shares in the last quarter. Riverhead Capital Management LLC grew its holdings in shares of ALLETE by 70.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,929 shares of the utilities provider’s stock worth $282,000 after purchasing an additional 1,629 shares in the last quarter. Amalgamated Bank grew its holdings in shares of ALLETE by 4.0% during the 2nd quarter. Amalgamated Bank now owns 6,573 shares of the utilities provider’s stock worth $471,000 after purchasing an additional 255 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of ALLETE by 1.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,308 shares of the utilities provider’s stock worth $596,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 72.95% of the company’s stock.
ALLETE Inc (NYSE:ALE) traded down $1.40 during trading on Wednesday, reaching $68.05. The company’s stock had a trading volume of 460,649 shares, compared to its average volume of 316,795. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $3,557.98, a P/E ratio of 19.67, a PEG ratio of 2.74 and a beta of 0.33. ALLETE Inc has a 1 year low of $64.56 and a 1 year high of $81.24.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a $0.56 dividend. The ex-dividend date is Wednesday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.54. This represents a $2.24 annualized dividend and a yield of 3.29%. ALLETE’s dividend payout ratio (DPR) is currently 61.85%.
ALE has been the topic of several analyst reports. Ladenburg Thalmann Financial Services lowered ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a report on Friday, October 20th. Zacks Investment Research lowered ALLETE from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. JPMorgan Chase & Co. upped their price objective on ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 15th. Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Friday, February 2nd. Finally, Wells Fargo & Co set a $71.00 price objective on ALLETE and gave the stock a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. ALLETE currently has a consensus rating of “Hold” and an average price target of $77.20.
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ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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