Independent Advisor Alliance Decreases Position in ALLETE, Inc. (NYSE:ALE)

Independent Advisor Alliance trimmed its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 6.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,262 shares of the utilities provider’s stock after selling 231 shares during the quarter. Independent Advisor Alliance’s holdings in ALLETE were worth $211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of ALLETE during the fourth quarter valued at about $3,522,000. Proficio Capital Partners LLC acquired a new position in ALLETE during the 4th quarter valued at approximately $1,465,000. Charles Schwab Investment Management Inc. raised its holdings in shares of ALLETE by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider’s stock worth $50,971,000 after buying an additional 20,245 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock worth $47,000 after buying an additional 172 shares during the period. Finally, US Bancorp DE grew its holdings in shares of ALLETE by 82.5% during the fourth quarter. US Bancorp DE now owns 27,090 shares of the utilities provider’s stock valued at $1,755,000 after buying an additional 12,249 shares during the last quarter. 76.55% of the stock is owned by institutional investors and hedge funds.

ALLETE Price Performance

Shares of NYSE ALE opened at $65.71 on Thursday. ALLETE, Inc. has a 52 week low of $56.66 and a 52 week high of $65.99. The business’s 50 day moving average price is $65.52 and its 200 day moving average price is $64.79. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. The firm has a market cap of $3.80 billion, a P/E ratio of 21.20 and a beta of 0.74.

ALLETE (NYSE:ALE) last released its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 EPS for the quarter, missing the consensus estimate 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 disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.44%. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio (DPR) is presently 94.19%.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on ALLETE in a research note on Friday, January 10th. They issued a “hold” rating for the company.

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.