Algert Global LLC Increases Holdings in ALLETE, Inc. (NYSE:ALE)

Algert Global LLC raised its stake in ALLETE, Inc. (NYSE:ALE) by 73.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,018 shares of the utilities provider’s stock after buying an additional 30,030 shares during the quarter. Algert Global LLC owned approximately 0.12% of ALLETE worth $4,559,000 at the end of the most recent quarter.

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

ALLETE Trading Up 0.9 %

Shares of NYSE ALE opened at $64.93 on Monday. The stock has a fifty day simple moving average of $64.31 and a 200-day simple moving average of $63.67. ALLETE, Inc. has a twelve month low of $54.71 and a twelve month high of $65.86. The company has a current ratio of 1.45, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $3.75 billion, a PE ratio of 20.81 and a beta of 0.80.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.21). ALLETE had a return on equity of 5.99% and a net margin of 11.49%. The business had revenue of $407.20 million for the quarter. During the same quarter in the previous year, the business earned $1.49 EPS. ALLETE’s revenue for the quarter was up 7.5% on a year-over-year basis.

ALLETE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a dividend of $0.705 per share. The ex-dividend date is Friday, November 15th. This is a positive change from ALLETE’s previous quarterly dividend of $0.70. This represents a $2.82 dividend on an annualized basis and a yield of 4.34%. ALLETE’s dividend payout ratio is 90.38%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALE. StockNews.com started coverage on ALLETE in a research note on Saturday. They issued a “hold” rating on the stock. Sidoti raised shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.