ALLETE, Inc. (NYSE:ALE) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its stake in shares of ALLETE, Inc. (NYSE:ALE) by 3.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,422 shares of the utilities provider’s stock after selling 3,185 shares during the quarter. Mutual of America Capital Management LLC owned 0.14% of ALLETE worth $5,226,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Millennium Management LLC grew its position in ALLETE by 955.1% in the 2nd quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock valued at $55,967,000 after acquiring an additional 812,548 shares in the last quarter. Alpine Associates Management Inc. purchased a new stake in ALLETE during the 2nd quarter worth approximately $21,985,000. Hsbc Holdings PLC lifted its holdings in ALLETE by 6,668.6% during the 2nd quarter. Hsbc Holdings PLC now owns 239,204 shares of the utilities provider’s stock worth $14,941,000 after buying an additional 235,670 shares in the last quarter. Water Island Capital LLC purchased a new position in ALLETE in the 2nd quarter valued at approximately $11,583,000. Finally, Gabelli Funds LLC grew its stake in shares of ALLETE by 59.1% in the second quarter. Gabelli Funds LLC now owns 441,564 shares of the utilities provider’s stock worth $27,532,000 after acquiring an additional 164,064 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

ALLETE Trading Down 0.3 %

ALE opened at $64.36 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45. ALLETE, Inc. has a one year low of $54.71 and a one year high of $65.86. The company has a market cap of $3.72 billion, a P/E ratio of 20.63 and a beta of 0.80. The business’s 50-day simple moving average is $64.28 and its 200-day simple moving average is $63.64.

ALLETE (NYSE:ALE) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.21). The company had revenue of $407.20 million during the quarter. ALLETE had a net margin of 11.49% and a return on equity of 5.99%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 EPS.

ALLETE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a dividend of $0.705 per share. This is a positive change from ALLETE’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, November 15th. This represents a $2.82 annualized dividend and a dividend yield of 4.38%. ALLETE’s dividend payout ratio (DPR) is presently 90.38%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALE shares. StockNews.com initiated coverage on ALLETE in a report on Friday, November 15th. They set a “hold” rating on the stock. Sidoti upgraded shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ALLETE currently has an average rating of “Hold” and a consensus price target of $62.00.

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.