Resona Asset Management Co. Ltd. Invests $671,000 in ALLETE, Inc. (NYSE:ALE)

Resona Asset Management Co. Ltd. purchased a new stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,357 shares of the utilities provider's stock, valued at approximately $671,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in ALLETE by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,365,190 shares of the utilities provider's stock worth $412,464,000 after acquiring an additional 20,624 shares during the period. State Street Corp increased its stake in 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 buying an additional 13,335 shares during the period. Geode Capital Management LLC lifted its holdings in 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. Highbridge Capital Management LLC acquired a new stake in shares of ALLETE during the fourth quarter valued at about $54,592,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ALLETE by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider's stock worth $50,971,000 after acquiring an additional 20,245 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

ALLETE Stock Up 0.1 %

Shares of ALE stock traded up $0.09 on Wednesday, reaching $65.07. 26,914 shares of the company's stock traded hands, compared to its average volume of 369,804. ALLETE, Inc. has a 12-month low of $57.31 and a 12-month high of $65.99. The company has a market capitalization of $3.77 billion, a P/E 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. The business's 50 day moving average price is $65.38 and its two-hundred day moving average price is $64.98.

Remove Ads

ALLETE (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share 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 announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from ALLETE's previous quarterly dividend of $0.71. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.49%. ALLETE's dividend payout ratio (DPR) is 94.19%.

Analysts Set New Price Targets

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

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.