Melqart Asset Management UK Ltd Makes New Investment in ALLETE, Inc. (NYSE:ALE)

Melqart Asset Management UK Ltd acquired a new stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 76,879 shares of the utilities provider's stock, valued at approximately $4,982,000. Melqart Asset Management UK Ltd owned about 0.13% of ALLETE at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in ALLETE by 16.5% during the fourth quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider's stock valued at $22,818,000 after purchasing an additional 49,993 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of ALLETE in the 4th quarter valued at about $380,000. HighTower Advisors LLC boosted its stake in shares of ALLETE by 15.7% in the fourth quarter. HighTower Advisors LLC now owns 6,311 shares of the utilities provider's stock worth $409,000 after buying an additional 855 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. acquired a new stake in ALLETE during the fourth quarter worth about $5,378,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in ALLETE in the fourth quarter valued at approximately $671,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of ALLETE in a report on Friday, January 10th. They set a "hold" rating for the company.

ALLETE Price Performance

ALE traded up $0.11 during trading on Friday, hitting $65.36. The company's stock had a trading volume of 211,102 shares, compared to its average volume of 378,504. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 21.08 and a beta of 0.69. ALLETE, Inc. has a twelve month low of $60.34 and a twelve month high of $65.99. The business's fifty day simple moving average is $65.26 and its 200 day simple moving average is $65.05. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50.

ALLETE (NYSE:ALE - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a return on equity of 5.97% and a net margin of 11.72%.

ALLETE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Thursday, May 15th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.47%. The ex-dividend date is Thursday, May 15th. ALLETE's payout ratio is 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.