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 filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,615 shares of the utilities provider's stock, valued at approximately $1,465,000.

Several other large investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of ALLETE by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider's stock valued at $50,971,000 after purchasing an additional 20,245 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in ALLETE by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after acquiring an additional 172 shares during the last quarter. US Bancorp DE grew its position in ALLETE by 82.5% during the fourth quarter. US Bancorp DE now owns 27,090 shares of the utilities provider's stock valued at $1,755,000 after acquiring an additional 12,249 shares during the period. QRG Capital Management Inc. grew its position in ALLETE by 6.7% during the fourth quarter. QRG Capital Management Inc. now owns 9,401 shares of the utilities provider's stock valued at $609,000 after acquiring an additional 591 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in ALLETE during the fourth quarter worth about $380,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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ALLETE Stock Up 0.0 %

Shares of NYSE:ALE traded up $0.01 during midday trading on Monday, hitting $65.70. 161,730 shares of the company's stock traded hands, compared to its average volume of 346,058. The firm's fifty day moving average price is $65.54 and its two-hundred day moving average price is $64.83. 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 twelve month low of $56.66 and a twelve month high of $65.99. The company has a market cap of $3.81 billion, a PE ratio of 21.19 and a beta of 0.74.

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 return on equity of 5.97% and a net margin of 11.72%.

ALLETE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.44%. This is a positive change from ALLETE's previous quarterly dividend of $0.71. ALLETE's dividend payout ratio (DPR) is currently 94.19%.

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.