ALLETE, Inc. (NYSE:ALE) Shares Purchased by Water Island Capital LLC

Water Island Capital LLC boosted its position in ALLETE, Inc. (NYSE:ALE - Free Report) by 36.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 28,162 shares of the utilities provider's stock after acquiring an additional 7,493 shares during the period. Water Island Capital LLC's holdings in ALLETE were worth $1,825,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. State Street Corp boosted its stake in ALLETE by 0.5% in 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 last quarter. Wellington Management Group LLP grew its holdings in ALLETE by 0.9% in the third quarter. Wellington Management Group LLP now owns 66,175 shares of the utilities provider's stock valued at $4,248,000 after purchasing an additional 595 shares during the period. Jane Street Group LLC increased its position in ALLETE by 107.8% during the third quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider's stock worth $7,807,000 after purchasing an additional 63,091 shares during the last quarter. Barclays PLC raised its stake in ALLETE by 187.1% during the third quarter. Barclays PLC now owns 100,079 shares of the utilities provider's stock worth $6,425,000 after purchasing an additional 65,222 shares during the period. Finally, Geode Capital Management LLC raised its stake in ALLETE by 1.6% during the third quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider's stock worth $89,584,000 after purchasing an additional 21,850 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

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Analyst Upgrades and Downgrades

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

ALLETE Trading Down 0.1 %

Shares of NYSE:ALE traded down $0.07 during trading on Tuesday, reaching $65.00. 495,743 shares of the stock were exchanged, compared to its average volume of 374,704. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 20.97 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. ALLETE, Inc. has a 12-month low of $56.66 and a 12-month high of $65.99. The firm's 50-day moving average price is $65.38 and its 200 day moving average price is $64.98.

ALLETE (NYSE:ALE - Get Free Report) last issued its earnings results 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 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. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.49%. This is a positive change from ALLETE's previous quarterly dividend of $0.71. ALLETE's dividend payout ratio (DPR) is 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.