Algert Global LLC Sells 32,508 Shares of ALLETE, Inc. (NYSE:ALE)

by · The Markets Daily

Algert Global LLC cut its stake in shares of ALLETE, Inc. (NYSE:ALE – Free Report) by 45.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,510 shares of the utilities provider’s stock after selling 32,508 shares during the period. Algert Global LLC’s holdings in ALLETE were worth $2,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Highbridge Capital Management LLC purchased a new stake in ALLETE during the 4th quarter valued at $54,592,000. AQR Arbitrage LLC raised its stake in shares of ALLETE by 30.4% in the fourth quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider’s stock valued at $54,781,000 after acquiring an additional 197,340 shares during the period. Kapitalo Investimentos Ltda bought a new stake in shares of ALLETE in the 4th quarter worth about $8,741,000. Absolute Gestao de Investimentos Ltda. lifted its holdings in shares of ALLETE by 76.3% in the 4th quarter. Absolute Gestao de Investimentos Ltda. now owns 254,175 shares of the utilities provider’s stock worth $16,471,000 after acquiring an additional 110,000 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of ALLETE by 14.1% during the 4th quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider’s stock worth $49,172,000 after purchasing an additional 93,810 shares during the period. 76.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Stock Analysis on ALLETE

ALLETE Stock Performance

Shares of ALLETE stock opened at $65.50 on Thursday. 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 stock’s fifty day moving average is $65.25 and its two-hundred day moving average is $65.08. ALLETE, Inc. has a 52 week low of $61.51 and a 52 week high of $65.99. The company has a market capitalization of $3.80 billion, a PE ratio of 21.13 and a beta of 0.82.

ALLETE (NYSE:ALE – Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.15). ALLETE had a return on equity of 5.97% and a net margin of 11.72%.

ALLETE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend is Thursday, May 15th. ALLETE’s dividend payout ratio is presently 94.19%.

ALLETE Profile

(Free Report)

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.

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