JPMorgan Chase & Co. Has $22.82 Million Position in ALLETE, Inc. (NYSE:ALE)

JPMorgan Chase & Co. lifted its position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 16.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 352,124 shares of the utilities provider's stock after purchasing an additional 49,993 shares during the period. JPMorgan Chase & Co. owned 0.61% of ALLETE worth $22,818,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ALE. Jones Financial Companies Lllp boosted its holdings in shares of ALLETE by 30.9% during the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock worth $47,000 after buying an additional 172 shares during the period. Fifth Third Bancorp lifted its position in ALLETE by 32.9% during the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock worth $57,000 after acquiring an additional 217 shares during the last quarter. KBC Group NV lifted its position in ALLETE by 61.7% during the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider's stock worth $158,000 after acquiring an additional 928 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of ALLETE during the third quarter worth approximately $282,000. Finally, Yorktown Management & Research Co Inc acquired a new position in shares of ALLETE in the fourth quarter valued at approximately $305,000. 76.55% of the stock is owned by institutional investors.

ALLETE Stock Performance

ALLETE stock traded down $0.01 during midday trading on Tuesday, hitting $65.07. The company's stock had a trading volume of 19,379 shares, compared to its average volume of 367,886. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 20.99 and a beta of 0.69. ALLETE, Inc. has a 1-year low of $56.66 and a 1-year high of $65.99. The company has a 50-day moving average price of $65.39 and a two-hundred day moving average price of $64.98.

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ALLETE (NYSE:ALE - Get Free Report) last announced its earnings results 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 business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.49%. This is an increase from ALLETE's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, February 14th. ALLETE's dividend payout ratio is presently 94.19%.

Analysts Set New Price Targets

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

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.