Magellan Asset Management Ltd Cuts Holdings in ALLETE, Inc. (NYSE:ALE)

Magellan Asset Management Ltd reduced its stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,069 shares of the utilities provider's stock after selling 8,237 shares during the period. Magellan Asset Management Ltd owned 0.07% of ALLETE worth $2,791,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ALE. Jones Financial Companies Lllp boosted its stake in ALLETE by 30.9% during the fourth 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 last quarter. Fifth Third Bancorp grew its holdings in shares of ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock valued at $57,000 after purchasing an additional 217 shares during the period. Exchange Traded Concepts LLC increased its position in ALLETE by 2.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider's stock worth $764,000 after purchasing an additional 295 shares during the last quarter. Xponance Inc. raised its stake in ALLETE by 4.5% during the fourth quarter. Xponance Inc. now owns 8,198 shares of the utilities provider's stock worth $531,000 after purchasing an additional 356 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in ALLETE by 31.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider's stock worth $100,000 after purchasing an additional 370 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of ALLETE in a research report on Friday, January 10th. They set a "hold" rating on the stock.

ALLETE Trading Up 0.2 %

NYSE ALE traded up $0.16 during trading hours on Tuesday, reaching $64.80. The company had a trading volume of 169,615 shares, compared to its average volume of 354,568. ALLETE, Inc. has a 1-year low of $56.66 and a 1-year high of $65.99. The stock has a market capitalization of $3.76 billion, a P/E ratio of 20.90 and a beta of 0.69. The stock has a 50-day moving average of $65.51 and a 200 day moving average of $64.95. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50.

ALLETE (NYSE:ALE - Get Free Report) last posted its earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share 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 issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.51%. This is a boost 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 (DPR) is 94.19%.

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.