Proficio Capital Partners LLC Takes Position in ALLETE, Inc. (NYSE:ALE)

Proficio Capital Partners LLC bought a new position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 22,615 shares of the utilities provider's stock, valued at approximately $1,465,000.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp boosted its position in shares of ALLETE by 0.5% during 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of ALLETE by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider's stock worth $89,584,000 after buying an additional 21,850 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of ALLETE by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 766,343 shares of the utilities provider's stock worth $49,192,000 after buying an additional 7,739 shares in the last quarter. Alpine Associates Management Inc. boosted its position in shares of ALLETE by 12.9% in the 3rd quarter. Alpine Associates Management Inc. now owns 398,047 shares of the utilities provider's stock worth $25,551,000 after buying an additional 45,447 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of ALLETE by 3.5% in the 4th quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider's stock worth $13,578,000 after buying an additional 7,153 shares in the last quarter. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

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

ALLETE Price Performance

Shares of ALLETE stock traded up $0.01 on Friday, hitting $65.32. The company's stock had a trading volume of 298,737 shares, compared to its average volume of 348,245. ALLETE, Inc. has a 52-week low of $56.66 and a 52-week high of $65.99. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. The firm has a fifty day moving average price of $65.44 and a 200-day moving average price of $64.68. The company has a market capitalization of $3.78 billion, a P/E ratio of 21.07 and a beta of 0.74.

ALLETE (NYSE:ALE - Get Free Report) last announced 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 paid a $0.73 dividend. This is an increase from ALLETE's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 4.47%. ALLETE's payout ratio is presently 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.