Janney Montgomery Scott LLC Sells 1,001 Shares of ALLETE, Inc. (NYSE:ALE)

Janney Montgomery Scott LLC lessened its holdings in ALLETE, Inc. (NYSE:ALE) by 9.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,967 shares of the utilities provider’s stock after selling 1,001 shares during the period. Janney Montgomery Scott LLC’s holdings in ALLETE were worth $646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Glazer Capital LLC bought a new stake in ALLETE during the third quarter worth about $5,766,000. Barclays PLC grew its position in shares of ALLETE by 187.1% during the 3rd quarter. Barclays PLC now owns 100,079 shares of the utilities provider’s stock worth $6,425,000 after buying an additional 65,222 shares during the period. Jane Street Group LLC raised its position in shares of ALLETE by 107.8% during the 3rd quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider’s stock valued at $7,807,000 after acquiring an additional 63,091 shares during the last quarter. Verition Fund Management LLC increased its holdings in ALLETE by 91.6% in the third quarter. Verition Fund Management LLC now owns 96,387 shares of the utilities provider’s stock valued at $6,187,000 after purchasing an additional 46,089 shares during the last quarter. Finally, Alpine Associates Management Inc. raised its holdings in ALLETE by 12.9% in the third quarter. Alpine Associates Management Inc. now owns 398,047 shares of the utilities provider’s stock worth $25,551,000 after purchasing an additional 45,447 shares during the period. Institutional investors own 76.55% of the company’s stock.

ALLETE Price Performance

NYSE ALE opened at $65.58 on Friday. The firm’s 50 day moving average is $65.07 and its 200-day moving average is $64.47. The company has a quick ratio of 0.95, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. ALLETE, Inc. has a 12-month low of $55.86 and a 12-month high of $65.95. The company has a market capitalization of $3.79 billion, a PE ratio of 21.02 and a beta of 0.80.

ALLETE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.45%. The ex-dividend date is Friday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio is presently 90.38%.

Analyst Ratings Changes

Separately, StockNews.com started coverage on ALLETE in a report on Friday, January 10th. They set a “hold” rating on the stock.

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.