Yorktown Management & Research Co Inc Takes $305,000 Position in ALLETE, Inc. (NYSE:ALE)

Yorktown Management & Research Co Inc bought a new stake in shares of ALLETE, Inc. (NYSE:ALE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,700 shares of the utilities provider’s stock, valued at approximately $305,000.

A number of other hedge funds have also recently modified their holdings of the business. Fifth Third Bancorp grew its stake in ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 217 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in ALLETE by 2.6% in 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 in the last quarter. D.A. Davidson & CO. grew its stake in ALLETE by 1.9% in the third quarter. D.A. Davidson & CO. now owns 16,844 shares of the utilities provider’s stock worth $1,081,000 after purchasing an additional 315 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in ALLETE by 1.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 18,928 shares of the utilities provider’s stock worth $1,215,000 after purchasing an additional 327 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in ALLETE by 31.0% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 370 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Stock Down 0.1 %

ALLETE stock opened at $65.61 on Wednesday. The business has a fifty day moving average of $65.03 and a two-hundred day moving average of $64.45. The company has a quick ratio of 0.95, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. The firm has a market cap of $3.79 billion, a P/E ratio of 21.03 and a beta of 0.80. ALLETE, Inc. has a twelve month low of $55.86 and a twelve month high of $65.95.

ALLETE Increases Dividend

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

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on ALLETE in a research note on Friday, January 10th. They issued 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.