Absolute Gestao de Investimentos Ltda. Purchases 110,000 Shares of ALLETE, Inc. (NYSE:ALE)

Absolute Gestao de Investimentos Ltda. raised its stake in ALLETE, Inc. (NYSE:ALE - Free Report) by 76.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 254,175 shares of the utilities provider's stock after buying an additional 110,000 shares during the period. ALLETE makes up about 7.0% of Absolute Gestao de Investimentos Ltda.'s investment portfolio, making the stock its 5th largest holding. Absolute Gestao de Investimentos Ltda. owned approximately 0.44% of ALLETE worth $16,471,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of ALE. Aequim Alternative Investments LP purchased a new stake in shares of ALLETE during the fourth quarter valued at $1,716,000. AQR Arbitrage LLC lifted its stake in ALLETE by 30.4% during the fourth quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock valued at $54,781,000 after buying an additional 197,340 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of ALLETE in the fourth quarter worth about $715,000. One68 Global Capital LLC purchased a new position in shares of ALLETE in the fourth quarter worth approximately $666,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of ALLETE during the fourth quarter valued at approximately $8,741,000. Institutional investors and hedge funds own 76.55% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on shares of ALLETE in a research report on Friday, January 10th. They set a "hold" rating on the stock.

ALLETE Stock Up 0.0 %

Shares of ALE stock traded up $0.01 during trading on Wednesday, hitting $65.50. 287,574 shares of the company were exchanged, compared to its average volume of 362,370. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. ALLETE, Inc. has a twelve month low of $61.51 and a twelve month high of $66.06. The business's 50-day simple moving average is $65.25 and its 200 day simple moving average is $65.07. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 21.13 and a beta of 0.82.

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

ALLETE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date is Thursday, May 15th. ALLETE's dividend payout ratio is 94.19%.

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.