Raymond James Financial Inc. Buys New Shares in ALLETE, Inc. (NYSE:ALE)

Raymond James Financial Inc. purchased a new position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 54,352 shares of the utilities provider's stock, valued at approximately $3,522,000. Raymond James Financial Inc. owned approximately 0.09% of ALLETE at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Glazer Capital LLC bought a new stake in ALLETE in the third quarter worth $5,766,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of ALLETE during the 4th quarter worth about $5,378,000. Barclays PLC increased its holdings in shares of ALLETE by 187.1% during the 3rd quarter. Barclays PLC now owns 100,079 shares of the utilities provider's stock valued at $6,425,000 after acquiring an additional 65,222 shares during the last quarter. Jane Street Group LLC raised its stake in shares of ALLETE by 107.8% in the 3rd quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider's stock valued at $7,807,000 after acquiring an additional 63,091 shares in the last quarter. Finally, ABC Arbitrage SA acquired a new stake in ALLETE in the 4th quarter worth approximately $3,201,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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ALLETE Stock Performance

ALLETE stock traded down $0.04 on Monday, reaching $65.68. 403,171 shares of the stock were exchanged, compared to its average volume of 363,441. The stock has a market cap of $3.81 billion, a PE ratio of 21.19 and a beta of 0.74. The firm has a fifty day moving average price of $65.55 and a two-hundred day moving average price of $64.91. ALLETE, Inc. has a twelve month low of $56.66 and a twelve month high of $65.99. 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 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 business also recently announced 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. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 4.45%. This is a positive change from ALLETE's previous quarterly dividend of $0.71. ALLETE's payout ratio is 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.