Meeder Asset Management Inc. Buys New Shares in ALLETE, Inc. (NYSE:ALE)

Meeder Asset Management Inc. purchased a new stake in ALLETE, Inc. (NYSE:ALE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,730 shares of the utilities provider’s stock, valued at approximately $170,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Securities Inc. purchased a new position in ALLETE in the fourth quarter valued at approximately $25,000. Parallel Advisors LLC lifted its position in shares of ALLETE by 139.4% in the 4th quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 407 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of ALLETE by 4,157.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock valued at $71,000 after buying an additional 1,164 shares in the last quarter. Hantz Financial Services Inc. bought a new stake in ALLETE during the 2nd quarter valued at about $75,000. Finally, Clear Street Markets LLC bought a new stake in ALLETE in the 4th quarter worth approximately $92,000. 76.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on ALLETE in a research report on Thursday. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $62.00.

ALLETE Price Performance

NYSE:ALE opened at $64.06 on Friday. The firm has a market cap of $3.70 billion, a P/E ratio of 15.40 and a beta of 0.80. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51. ALLETE, Inc. has a 12 month low of $49.29 and a 12 month high of $65.86. The stock has a 50 day moving average of $63.77 and a two-hundred day moving average of $61.75.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). The business had revenue of $354.50 million for the quarter, compared to analyst estimates of $547.24 million. ALLETE had a return on equity of 7.07% and a net margin of 14.36%. ALLETE’s quarterly revenue was down 33.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share.

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a $0.7005 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a yield of 4.37%. ALLETE’s dividend payout ratio (DPR) is 67.79%.

ALLETE 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.