Algert Global LLC Has $4.56 Million Holdings in ALLETE, Inc. (NYSE:ALE)

Algert Global LLC boosted its stake in ALLETE, Inc. (NYSE:ALE - Free Report) by 73.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,018 shares of the utilities provider's stock after buying an additional 30,030 shares during the period. Algert Global LLC owned 0.12% of ALLETE worth $4,559,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Boston Partners lifted its position in ALLETE by 59.2% in the 1st quarter. Boston Partners now owns 30,441 shares of the utilities provider's stock valued at $1,816,000 after purchasing an additional 11,321 shares during the last quarter. Quest Partners LLC raised its holdings in shares of ALLETE by 249.1% during the third quarter. Quest Partners LLC now owns 34,367 shares of the utilities provider's stock valued at $2,206,000 after buying an additional 24,523 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of ALLETE by 0.5% during the first quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider's stock worth $394,548,000 after buying an additional 35,992 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of ALLETE by 147.1% during the second quarter. Mutual of America Capital Management LLC now owns 84,607 shares of the utilities provider's stock worth $5,275,000 after buying an additional 50,361 shares during the period. Finally, WINTON GROUP Ltd bought a new position in ALLETE in the 2nd quarter worth approximately $3,572,000. 76.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. StockNews.com initiated coverage on ALLETE in a research report on Saturday. They set a "hold" rating for the company. Sidoti raised shares of ALLETE from a "hold" rating to a "strong-buy" rating in a report on Monday, September 30th. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $62.00.

ALLETE Price Performance

Shares of ALLETE stock traded up $0.07 during trading on Monday, hitting $65.00. The stock had a trading volume of 451,281 shares, compared to its average volume of 353,527. The business has a fifty day moving average of $64.33 and a two-hundred day moving average of $63.69. ALLETE, Inc. has a fifty-two week low of $54.71 and a fifty-two week high of $65.86. The firm has a market cap of $3.76 billion, a P/E ratio of 20.83 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95.

ALLETE (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.21). ALLETE had a net margin of 11.49% and a return on equity of 5.99%. The business had revenue of $407.20 million for the quarter. During the same period last year, the business posted $1.49 EPS. The company's quarterly revenue was up 7.5% on a year-over-year basis.

ALLETE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a $0.705 dividend. This is a positive change from ALLETE's previous quarterly dividend of $0.70. The ex-dividend date is Friday, November 15th. This represents a $2.82 annualized dividend and a yield of 4.34%. ALLETE's payout ratio is 90.38%.

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.