AQR Arbitrage LLC Has $54.78 Million Holdings in ALLETE, Inc. (NYSE:ALE)

AQR Arbitrage LLC grew its holdings in ALLETE, Inc. (NYSE:ALE - Free Report) by 30.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 847,472 shares of the utilities provider's stock after purchasing an additional 197,340 shares during the period. ALLETE comprises approximately 1.2% of AQR Arbitrage LLC's investment portfolio, making the stock its 15th biggest holding. AQR Arbitrage LLC owned approximately 1.47% of ALLETE worth $54,781,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of ALLETE by 16.5% in the 4th quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider's stock valued at $22,818,000 after buying an additional 49,993 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in ALLETE in the fourth quarter valued at $380,000. HighTower Advisors LLC increased its stake in shares of ALLETE by 15.7% during the 4th quarter. HighTower Advisors LLC now owns 6,311 shares of the utilities provider's stock worth $409,000 after purchasing an additional 855 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of ALLETE by 6.9% during the 4th quarter. MetLife Investment Management LLC now owns 66,592 shares of the utilities provider's stock worth $4,315,000 after purchasing an additional 4,284 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of ALLETE in the 4th quarter valued at about $5,378,000. Institutional investors and hedge funds own 76.55% of the company's stock.

ALLETE Stock Performance

ALE stock traded down $0.02 during midday trading on Monday, reaching $65.46. 281,003 shares of the company were exchanged, compared to its average volume of 375,489. ALLETE, Inc. has a one year low of $61.51 and a one year high of $65.99. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 21.11 and a beta of 0.69. The business has a 50-day moving average price of $65.25 and a two-hundred day moving average price of $65.06. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69.

ALLETE (NYSE:ALE - Get Free Report) last posted its 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 return on equity of 5.97% and a net margin of 11.72%.

ALLETE Announces Dividend

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

Wall Street Analyst Weigh In

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

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.