20,091 Shares in ALLETE, Inc. (NYSE:ALE) Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC acquired a new position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 20,091 shares of the utilities provider's stock, valued at approximately $12,900,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Inspire Advisors LLC increased its stake in shares of ALLETE by 1.6% during the third quarter. Inspire Advisors LLC now owns 29,347 shares of the utilities provider's stock valued at $1,884,000 after buying an additional 450 shares during the period. Creative Planning increased its position in ALLETE by 4.7% during the 3rd quarter. Creative Planning now owns 21,963 shares of the utilities provider's stock valued at $1,410,000 after purchasing an additional 991 shares during the period. Inspire Investing LLC raised its holdings in shares of ALLETE by 98.9% in the 3rd quarter. Inspire Investing LLC now owns 11,184 shares of the utilities provider's stock valued at $718,000 after purchasing an additional 5,561 shares in the last quarter. UMB Bank n.a. lifted its position in shares of ALLETE by 261.0% in the 3rd quarter. UMB Bank n.a. now owns 1,083 shares of the utilities provider's stock worth $70,000 after purchasing an additional 783 shares during the period. Finally, CWM LLC boosted its stake in shares of ALLETE by 13.7% during the third quarter. CWM LLC now owns 4,352 shares of the utilities provider's stock valued at $279,000 after purchasing an additional 525 shares in the last quarter. 76.55% of the stock is owned by institutional investors.

ALLETE Stock Down 0.2 %

NYSE:ALE traded down $0.10 during midday trading on Thursday, reaching $63.91. 234,025 shares of the stock traded hands, compared to its average volume of 359,216. The stock has a market capitalization of $3.69 billion, a PE ratio of 16.69 and a beta of 0.80. ALLETE, Inc. has a 12-month low of $52.89 and a 12-month high of $65.86. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45. The business has a 50-day moving average of $63.95 and a two-hundred day moving average of $63.12.

ALLETE (NYSE:ALE - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.57 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.30). ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The business had revenue of $354.50 million for the quarter, compared to analysts' expectations of $547.24 million. During the same quarter in the prior year, the company posted $0.90 EPS. The business's revenue for the quarter was down 33.6% on a year-over-year basis.

ALLETE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be paid a $0.705 dividend. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from ALLETE's previous quarterly dividend of $0.70. This represents a $2.82 dividend on an annualized basis and a yield of 4.41%. ALLETE's dividend payout ratio (DPR) is 73.63%.

Wall Street Analyst Weigh In

ALE has been the subject of a number of recent research reports. Sidoti raised shares of ALLETE from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 30th. StockNews.com began coverage on ALLETE in a report on Wednesday. They issued a "hold" rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $62.00.

ALLETE 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.