American International Group Inc. Has $6.48 Million Stock Position in ALLETE, Inc. (NYSE:ALE)

American International Group Inc. lowered its position in shares of ALLETE, Inc. (NYSE:ALE) by 3.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 105,917 shares of the utilities provider’s stock after selling 3,335 shares during the period. American International Group Inc.’s holdings in ALLETE were worth $6,478,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALE. Principal Securities Inc. acquired a new stake in shares of ALLETE during the fourth quarter worth $25,000. Allworth Financial LP raised its stake in ALLETE by 131.2% in the fourth quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. Parallel Advisors LLC raised its stake in ALLETE by 139.4% in the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 407 shares in the last quarter. GAMMA Investing LLC acquired a new position in ALLETE in the fourth quarter valued at about $77,000. Finally, Clear Street Markets LLC acquired a new position in ALLETE in the fourth quarter valued at about $92,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Mizuho boosted their price target on ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. StockNews.com assumed coverage on ALLETE in a research note on Sunday, June 16th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.40.

ALLETE Stock Performance

ALLETE stock opened at $62.74 on Friday. ALLETE, Inc. has a 12-month low of $49.29 and a 12-month high of $65.86. The company has a quick ratio of 0.96, a current ratio of 1.66 and a debt-to-equity ratio of 0.52. The business’s 50-day moving average price is $61.87 and its two-hundred day moving average price is $60.22. The stock has a market cap of $3.61 billion, a PE ratio of 15.08 and a beta of 0.79.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, May 9th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). ALLETE had a net margin of 13.94% and a return on equity of 7.21%. The business had revenue of $403.30 million during the quarter, compared to the consensus estimate of $581.26 million. As a group, analysts expect that ALLETE, Inc. will post 3.75 earnings per share for the current fiscal year.

ALLETE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.705 per share. This represents a $2.82 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s dividend payout ratio (DPR) is currently 67.79%.

ALLETE Company 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.