Ieq Capital LLC Makes New $347,000 Investment in ALLETE, Inc. (NYSE:ALE)

Ieq Capital LLC acquired a new stake in ALLETE, Inc. (NYSE:ALE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,361 shares of the utilities provider's stock, valued at approximately $347,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALE. Principal Financial Group Inc. increased its stake in shares of ALLETE by 2.5% in the 4th quarter. Principal Financial Group Inc. now owns 184,915 shares of the utilities provider's stock worth $11,982,000 after acquiring an additional 4,576 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in ALLETE by 3.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 32,525 shares of the utilities provider's stock worth $2,108,000 after purchasing an additional 1,164 shares during the period. Congress Asset Management Co. boosted its holdings in ALLETE by 9.6% in the 4th quarter. Congress Asset Management Co. now owns 54,000 shares of the utilities provider's stock valued at $3,499,000 after purchasing an additional 4,735 shares during the last quarter. Rhumbline Advisers grew its stake in shares of ALLETE by 3.5% in the 4th quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider's stock valued at $13,578,000 after buying an additional 7,153 shares during the period. Finally, ABC Arbitrage SA acquired a new stake in shares of ALLETE during the 4th quarter worth approximately $3,201,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

ALLETE Stock Down 0.2 %

ALLETE stock traded down $0.11 during mid-day trading on Monday, reaching $65.58. 292,893 shares of the company's stock were exchanged, compared to its average volume of 346,298. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. ALLETE, Inc. has a twelve month low of $56.45 and a twelve month high of $65.99. The company has a market cap of $3.80 billion, a P/E ratio of 21.15 and a beta of 0.80. The company has a fifty day moving average of $65.35 and a 200-day moving average of $64.61.

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ALLETE (NYSE:ALE - Get Free Report) last announced 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 announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. 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 4.45%. ALLETE's dividend payout ratio is 94.19%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on ALLETE in a research report on Friday, January 10th. They set a "hold" rating for the company.

About ALLETE

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.