Highbridge Capital Management LLC Invests $54.59 Million in ALLETE, Inc. (NYSE:ALE)

Highbridge Capital Management LLC acquired a new stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 842,466 shares of the utilities provider's stock, valued at approximately $54,592,000. ALLETE comprises about 2.1% of Highbridge Capital Management LLC's investment portfolio, making the stock its 10th biggest position. Highbridge Capital Management LLC owned about 1.46% of ALLETE at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 172 shares in the last quarter. Fifth Third Bancorp lifted its stake in ALLETE by 32.9% during the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock valued at $57,000 after acquiring an additional 217 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of ALLETE by 31.0% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider's stock valued at $100,000 after acquiring an additional 370 shares during the last quarter. KBC Group NV raised its holdings in shares of ALLETE by 61.7% during the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider's stock valued at $158,000 after purchasing an additional 928 shares during the last quarter. Finally, Alerus Financial NA bought a new position in ALLETE during the fourth quarter valued at approximately $202,000. 76.55% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of ALLETE in a research report on Friday, January 10th. They issued a "hold" rating for the company.

ALLETE Stock Performance

NYSE:ALE traded down $0.09 on Tuesday, hitting $65.61. The stock had a trading volume of 92,690 shares, compared to its average volume of 362,456. ALLETE, Inc. has a 52-week low of $56.66 and a 52-week high of $65.99. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 21.16 and a beta of 0.74. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. The business's 50-day simple moving average is $65.55 and its two-hundred day simple moving average is $64.91.

ALLETE (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a return on equity of 5.97% and a net margin of 11.72%.

ALLETE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 4.45%. This is a boost from ALLETE's previous quarterly dividend of $0.71. The ex-dividend date was Friday, February 14th. ALLETE's dividend payout ratio is 94.19%.

ALLETE 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.