Inspire Advisors LLC Grows Stock Position in ALLETE, Inc. (NYSE:ALE)

Inspire Advisors LLC raised its stake in ALLETE, Inc. (NYSE:ALE - Free Report) by 16.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,267 shares of the utilities provider's stock after acquiring an additional 4,920 shares during the quarter. Inspire Advisors LLC owned approximately 0.06% of ALLETE worth $2,220,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. State Street Corp grew its position in shares of ALLETE by 0.5% in the third quarter. State Street Corp now owns 2,459,692 shares of the utilities provider's stock valued at $157,888,000 after purchasing an additional 13,335 shares in the last quarter. Geode Capital Management LLC grew its holdings in ALLETE by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider's stock valued at $89,584,000 after buying an additional 21,850 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of ALLETE by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider's stock worth $50,971,000 after acquiring an additional 20,245 shares during the last quarter. Alpine Associates Management Inc. raised its holdings in shares of ALLETE by 12.9% during the 3rd quarter. Alpine Associates Management Inc. now owns 398,047 shares of the utilities provider's stock worth $25,551,000 after acquiring an additional 45,447 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of ALLETE by 3.5% during the 4th quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider's stock valued at $13,578,000 after acquiring an additional 7,153 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

ALLETE Trading Up 0.0 %

Shares of NYSE ALE traded up $0.01 during mid-day trading on Thursday, reaching $65.33. 219,377 shares of the company's stock were exchanged, compared to its average volume of 348,966. The company's 50-day moving average is $65.47 and its 200-day moving average is $64.71. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 21.07 and a beta of 0.74. ALLETE, Inc. has a 52-week low of $56.66 and a 52-week high of $65.99.

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 analysts' consensus estimates 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. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date 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 4.47%. ALLETE's payout ratio is presently 94.19%.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of ALLETE in a research note on Friday, January 10th. They set 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.