UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 15,732 Shares of ALLETE, Inc. (NYSE:ALE)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 13.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,801 shares of the utilities provider's stock after selling 15,732 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.18% of ALLETE worth $6,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Millennium Management LLC lifted its holdings in ALLETE by 955.1% in the second quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider's stock valued at $55,967,000 after acquiring an additional 812,548 shares during the period. Alpine Associates Management Inc. bought a new position in shares of ALLETE in the 2nd quarter worth approximately $21,985,000. Hsbc Holdings PLC boosted its holdings in shares of ALLETE by 6,668.6% in the second quarter. Hsbc Holdings PLC now owns 239,204 shares of the utilities provider's stock worth $14,941,000 after buying an additional 235,670 shares during the last quarter. Water Island Capital LLC purchased a new position in shares of ALLETE in the second quarter worth approximately $11,583,000. Finally, Gabelli Funds LLC grew its position in ALLETE by 59.1% during the second quarter. Gabelli Funds LLC now owns 441,564 shares of the utilities provider's stock valued at $27,532,000 after buying an additional 164,064 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE Price Performance

NYSE:ALE traded up $0.01 during trading hours on Wednesday, hitting $64.83. 847,810 shares of the stock traded hands, compared to its average volume of 351,119. The stock has a 50 day moving average price of $64.50 and a 200 day moving average price of $63.82. The company has a quick ratio of 0.95, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 20.78 and a beta of 0.81. ALLETE, Inc. has a 1 year low of $55.86 and a 1 year high of $65.86.

ALLETE (NYSE:ALE - Get Free Report) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.21). ALLETE had a net margin of 11.49% and a return on equity of 5.99%. The firm had revenue of $407.20 million for the quarter. During the same quarter last year, the business posted $1.49 EPS. The business's quarterly revenue was up 7.5% compared to the same quarter last year.

ALLETE Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 15th were paid a dividend of $0.705 per share. This represents a $2.82 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from ALLETE's previous quarterly dividend of $0.70. ALLETE's dividend payout ratio (DPR) is 90.38%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ALE shares. StockNews.com initiated coverage on shares of ALLETE in a research report on Monday. They issued a "hold" rating on the stock. Sidoti raised ALLETE from a "hold" rating to a "strong-buy" rating in a report on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $62.00.

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.