ALLETE, Inc. (NYSE:ALE) Shares Acquired by UMB Bank n.a.

UMB Bank n.a. boosted its position in ALLETE, Inc. (NYSE:ALE) by 261.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,083 shares of the utilities provider’s stock after purchasing an additional 783 shares during the quarter. UMB Bank n.a.’s holdings in ALLETE were worth $70,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in shares of ALLETE by 13.7% during the 3rd quarter. CWM LLC now owns 4,352 shares of the utilities provider’s stock worth $279,000 after purchasing an additional 525 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in ALLETE during the second quarter worth about $74,000. Water Island Capital LLC purchased a new position in ALLETE during the second quarter worth about $11,583,000. Creative Planning boosted its stake in ALLETE by 204.1% in the 2nd quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 14,076 shares during the last quarter. Finally, Algert Global LLC grew its holdings in ALLETE by 16.5% in the 2nd quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock valued at $2,556,000 after buying an additional 5,808 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Sidoti upgraded shares of ALLETE from a “hold” rating to a “strong-buy” rating in a report on Monday, September 30th. StockNews.com initiated coverage on shares of ALLETE in a report on Monday. They issued a “hold” rating on the stock. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ALLETE presently has an average rating of “Hold” and an average price target of $62.00.

ALLETE Stock Down 0.0 %

Shares of NYSE:ALE opened at $64.34 on Monday. The stock has a 50-day simple moving average of $63.84 and a 200-day simple moving average of $62.71. The stock has a market capitalization of $3.72 billion, a P/E ratio of 15.47 and a beta of 0.80. ALLETE, Inc. has a 1 year low of $52.14 and a 1 year high of $65.86. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45.

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

ALLETE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.7005 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.80 annualized dividend and a dividend yield of 4.35%. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.

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.