Meeder Advisory Services Inc. Has $623,000 Holdings in ALLETE, Inc. (NYSE:ALE)

Meeder Advisory Services Inc. increased its holdings in ALLETE, Inc. (NYSE:ALE - Free Report) by 198.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,611 shares of the utilities provider's stock after purchasing an additional 6,388 shares during the period. Meeder Advisory Services Inc.'s holdings in ALLETE were worth $623,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Polar Asset Management Partners Inc. raised its stake in ALLETE by 100.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 80,000 shares of the utilities provider's stock valued at $5,135,000 after purchasing an additional 40,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in ALLETE during the fourth quarter worth about $380,000. HighTower Advisors LLC increased its stake in shares of ALLETE by 15.7% in the fourth quarter. HighTower Advisors LLC now owns 6,311 shares of the utilities provider's stock valued at $409,000 after buying an additional 855 shares in the last quarter. State Street Corp raised its position in ALLETE by 0.5% in the 3rd quarter. State Street Corp now owns 2,459,692 shares of the utilities provider's stock worth $157,888,000 after purchasing an additional 13,335 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in ALLETE by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider's stock worth $89,584,000 after purchasing an additional 21,850 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

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

ALLETE Stock Up 0.8 %

ALLETE stock traded up $0.53 during mid-day trading on Wednesday, reaching $65.08. The company's stock had a trading volume of 741,025 shares, compared to its average volume of 370,827. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 20.99 and a beta of 0.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. ALLETE, Inc. has a 12 month low of $56.66 and a 12 month high of $65.99. The business's 50 day simple moving average is $65.45 and its 200 day simple moving average is $64.96.

ALLETE (NYSE:ALE - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 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 firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This is an increase from ALLETE's previous quarterly dividend of $0.71. This represents a $2.92 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Friday, February 14th. ALLETE's dividend payout ratio is currently 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.