GABELLI & Co INVESTMENT ADVISERS INC. Grows Position in ALLETE, Inc. (NYSE:ALE)

GABELLI & Co INVESTMENT ADVISERS INC. boosted its position in ALLETE, Inc. (NYSE:ALE - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 205,500 shares of the utilities provider's stock after acquiring an additional 8,450 shares during the period. ALLETE accounts for 2.3% of GABELLI & Co INVESTMENT ADVISERS INC.'s investment portfolio, making the stock its 11th biggest position. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.36% of ALLETE worth $13,316,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ALE. Gamco Investors INC. ET AL lifted its holdings in ALLETE by 23.0% in the fourth quarter. Gamco Investors INC. ET AL now owns 54,753 shares of the utilities provider's stock worth $3,548,000 after buying an additional 10,225 shares during the period. Walleye Capital LLC purchased a new position in ALLETE during the 4th quarter valued at about $212,000. Mariner LLC grew its holdings in ALLETE by 28.2% in the fourth quarter. Mariner LLC now owns 12,256 shares of the utilities provider's stock worth $794,000 after purchasing an additional 2,697 shares during the period. Barclays PLC increased its stake in shares of ALLETE by 43.3% during the fourth quarter. Barclays PLC now owns 143,421 shares of the utilities provider's stock valued at $9,293,000 after purchasing an additional 43,342 shares in the last quarter. Finally, Water Island Capital LLC boosted its position in shares of ALLETE by 36.3% in the 4th quarter. Water Island Capital LLC now owns 28,162 shares of the utilities provider's stock worth $1,825,000 after purchasing an additional 7,493 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

ALLETE Stock Performance

ALE stock traded down $0.11 during midday trading on Friday, reaching $64.72. 248,329 shares of the company's stock traded hands, compared to its average volume of 375,272. The stock's 50-day moving average is $65.32 and its 200 day moving average is $64.99. The stock has a market cap of $3.75 billion, a P/E ratio of 20.88 and a beta of 0.69. ALLETE, Inc. has a 52-week low of $58.09 and a 52-week high of $65.99. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50.

ALLETE (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (EPS) 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 firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from ALLETE's previous quarterly dividend of $0.71. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Friday, February 14th. ALLETE's dividend payout ratio (DPR) is presently 94.19%.

Analyst Ratings Changes

Separately, StockNews.com started coverage on ALLETE in a research note on Friday, January 10th. They issued a "hold" rating on the stock.

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.