Alliancebernstein L.P. Has $23.85 Million Holdings in ALLETE, Inc. (NYSE:ALE)

Alliancebernstein L.P. boosted its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 368,115 shares of the utilities provider’s stock after buying an additional 12,353 shares during the quarter. Alliancebernstein L.P. owned about 0.64% of ALLETE worth $23,854,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Highbridge Capital Management LLC acquired a new position in shares of ALLETE during the 4th quarter valued at about $54,592,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in ALLETE during the fourth quarter valued at approximately $5,378,000. Barclays PLC raised its position in shares of ALLETE by 187.1% in the third quarter. Barclays PLC now owns 100,079 shares of the utilities provider’s stock valued at $6,425,000 after purchasing an additional 65,222 shares during the period. Jane Street Group LLC lifted its stake in shares of ALLETE by 107.8% in the third quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider’s stock worth $7,807,000 after buying an additional 63,091 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of ALLETE by 54.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 169,707 shares of the utilities provider’s stock worth $10,997,000 after buying an additional 59,891 shares during the period. 76.55% of the stock is currently owned by institutional investors.

ALLETE Stock Down 0.9 %

ALE opened at $64.63 on Tuesday. The business has a 50 day moving average of $65.51 and a 200-day moving average of $64.95. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 20.85 and a beta of 0.69. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50. ALLETE, Inc. has a 1-year low of $56.66 and a 1-year high of $65.99.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates 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 company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.52%. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, February 14th. ALLETE’s payout ratio is currently 94.19%.

Wall Street Analysts Forecast Growth

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

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.