Mint Tower Capital Management B.V. Takes $648,000 Position in ALLETE, Inc. (NYSE:ALE)

Mint Tower Capital Management B.V. purchased a new stake in ALLETE, Inc. (NYSE:ALE) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 10,000 shares of the utilities provider’s stock, valued at approximately $648,000.

A number of other hedge funds also recently modified their holdings of ALE. Jones Financial Companies Lllp raised its stake in shares of ALLETE by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 172 shares in the last quarter. Fifth Third Bancorp increased its stake in ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 217 shares during the period. Exchange Traded Concepts LLC lifted its stake in ALLETE by 2.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider’s stock worth $764,000 after purchasing an additional 295 shares during the period. D.A. Davidson & CO. boosted its holdings in ALLETE by 1.9% during the third quarter. D.A. Davidson & CO. now owns 16,844 shares of the utilities provider’s stock valued at $1,081,000 after purchasing an additional 315 shares in the last quarter. Finally, Xponance Inc. grew its stake in shares of ALLETE by 4.5% in the 4th quarter. Xponance Inc. now owns 8,198 shares of the utilities provider’s stock valued at $531,000 after purchasing an additional 356 shares during the period. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

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

ALLETE Trading Up 0.2 %

Shares of ALE opened at $65.57 on Thursday. The firm has a market capitalization of $3.80 billion, a PE ratio of 21.15 and a beta of 0.74. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. ALLETE, Inc. has a 12-month low of $56.66 and a 12-month high of $65.99. The stock’s fifty day simple moving average is $65.55 and its 200-day simple moving average is $64.86.

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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.45%. The ex-dividend date was Friday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio is presently 94.19%.

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.