Bank of New York Mellon Corp Lowers Position in ALLETE, Inc. (NYSE:ALE)

Bank of New York Mellon Corp lessened its stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 38.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 478,542 shares of the utilities provider's stock after selling 294,620 shares during the period. Bank of New York Mellon Corp owned approximately 0.83% of ALLETE worth $31,010,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Glazer Capital LLC purchased a new stake in shares of ALLETE in the third quarter valued at $5,766,000. Tokio Marine Asset Management Co. Ltd. bought a new position in ALLETE during the 4th quarter valued at about $5,378,000. Barclays PLC raised its position in ALLETE by 187.1% in the 3rd quarter. Barclays PLC now owns 100,079 shares of the utilities provider's stock worth $6,425,000 after purchasing an additional 65,222 shares during the period. Jane Street Group LLC raised its position in ALLETE by 107.8% in the 3rd quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider's stock worth $7,807,000 after purchasing an additional 63,091 shares during the period. Finally, ABC Arbitrage SA bought a new stake in ALLETE in the fourth quarter worth about $3,201,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

ALLETE Trading Up 0.4 %

Shares of ALE traded up $0.25 during trading hours on Wednesday, reaching $65.31. 166,047 shares of the company traded hands, compared to its average volume of 348,406. The stock's fifty day moving average price is $65.46 and its 200 day moving average price is $64.70. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 21.08 and a beta of 0.74. ALLETE, Inc. has a 12-month low of $56.66 and a 12-month high of $65.99.

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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 (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 company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 4.47%. This is a boost from ALLETE's previous quarterly dividend of $0.71. ALLETE's dividend payout ratio is 94.19%.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on ALLETE in a report 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.