Hsbc Holdings PLC Buys 5,948 Shares of ALLETE, Inc. (NYSE:ALE)

Hsbc Holdings PLC increased its position in ALLETE, Inc. (NYSE:ALE - Free Report) by 2.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 255,143 shares of the utilities provider's stock after purchasing an additional 5,948 shares during the quarter. Hsbc Holdings PLC owned approximately 0.44% of ALLETE worth $16,495,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ALE. JPMorgan Chase & Co. lifted its position in shares of ALLETE by 16.5% during the 4th quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider's stock worth $22,818,000 after buying an additional 49,993 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in ALLETE during the fourth quarter worth $380,000. HighTower Advisors LLC lifted its holdings in shares of ALLETE by 15.7% during the fourth quarter. HighTower Advisors LLC now owns 6,311 shares of the utilities provider's stock valued at $409,000 after acquiring an additional 855 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of ALLETE in the 4th quarter valued at $5,378,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of ALLETE in the 4th quarter worth about $671,000. Institutional investors and hedge funds own 76.55% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on ALLETE in a research note on Friday, January 10th. They issued a "hold" rating on the stock.

ALLETE Price Performance

Shares of NYSE ALE traded up $0.11 during trading on Friday, reaching $65.36. The company had a trading volume of 136,193 shares, compared to its average volume of 378,267. ALLETE, Inc. has a 52 week low of $60.34 and a 52 week high of $65.99. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. The business's 50 day moving average price is $65.26 and its 200-day moving average price is $65.05. The stock has a market cap of $3.79 billion, a PE ratio of 21.09 and a beta of 0.69.

ALLETE (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (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 Dividend Announcement

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