Walleye Capital LLC Takes Position in ALLETE, Inc. (NYSE:ALE)

Walleye Capital LLC bought a new position in shares of ALLETE, Inc. (NYSE:ALE) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,268 shares of the utilities provider’s stock, valued at approximately $212,000.

Other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in 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 purchasing an additional 172 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of ALLETE by 32.9% during the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock worth $57,000 after buying an additional 217 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of ALLETE during the 4th quarter worth $73,000. Covestor Ltd boosted its stake in ALLETE by 38.0% in the fourth quarter. Covestor Ltd now owns 2,410 shares of the utilities provider’s stock valued at $156,000 after buying an additional 663 shares in the last quarter. Finally, KBC Group NV boosted its stake in ALLETE by 61.7% in the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider’s stock valued at $158,000 after buying an additional 928 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

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

ALLETE Stock Performance

NYSE ALE opened at $65.18 on Friday. ALLETE, Inc. has a fifty-two week low of $59.00 and a fifty-two week high of $65.99. The stock has a market cap of $3.78 billion, a PE ratio of 21.03 and a beta of 0.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. The firm’s fifty day moving average price is $65.27 and its two-hundred day moving average price is $65.02.

ALLETE (NYSE:ALE) last issued its earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.48%. ALLETE’s payout ratio is 94.19%.

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.