ALLETE, Inc. (NYSE:ALE) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in shares of ALLETE, Inc. (NYSE:ALE) by 1.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,395,362 shares of the utilities provider’s stock after acquiring an additional 21,850 shares during the period. Geode Capital Management LLC owned approximately 2.41% of ALLETE worth $89,584,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Quest Partners LLC grew its stake in shares of ALLETE by 249.1% during the third quarter. Quest Partners LLC now owns 34,367 shares of the utilities provider’s stock valued at $2,206,000 after acquiring an additional 24,523 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in ALLETE by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 766,343 shares of the utilities provider’s stock valued at $49,192,000 after purchasing an additional 7,739 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in ALLETE by 147.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 84,607 shares of the utilities provider’s stock worth $5,275,000 after purchasing an additional 50,361 shares during the last quarter. Citigroup Inc. raised its position in shares of ALLETE by 28.3% in the 3rd quarter. Citigroup Inc. now owns 129,635 shares of the utilities provider’s stock valued at $8,321,000 after purchasing an additional 28,612 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of ALLETE during the 2nd quarter valued at approximately $3,572,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.

ALLETE Stock Up 0.4 %

Shares of NYSE:ALE opened at $64.60 on Friday. The company’s fifty day moving average is $64.56 and its two-hundred day moving average is $63.90. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45. ALLETE, Inc. has a 1-year low of $55.86 and a 1-year high of $65.86. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 20.71 and a beta of 0.81.

ALLETE (NYSE:ALE) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share for the quarter, missing the consensus estimate 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 last year, the business posted $1.49 EPS. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year.

ALLETE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 15th were given a dividend of $0.705 per share. The ex-dividend date was Friday, November 15th. This represents a $2.82 dividend on an annualized basis and a yield of 4.37%. This is a positive change from ALLETE’s previous quarterly dividend of $0.70. ALLETE’s payout ratio is currently 90.38%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Sidoti upgraded shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 30th. StockNews.com began coverage on ALLETE in a research note on Tuesday. They issued a “hold” rating for the company. 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 stock 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.