Harbor Capital Advisors Inc. Grows Stake in ALLETE, Inc. (NYSE:ALE)

Harbor Capital Advisors Inc. grew its position in ALLETE, Inc. (NYSE:ALE - Free Report) by 21,453.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,460 shares of the utilities provider's stock after purchasing an additional 42,263 shares during the period. Harbor Capital Advisors Inc. owned about 0.07% of ALLETE worth $2,790,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in 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 acquiring an additional 49,993 shares during the last quarter. Deutsche Bank AG increased its holdings in ALLETE by 53.1% during the fourth quarter. Deutsche Bank AG now owns 47,553 shares of the utilities provider's stock worth $3,081,000 after buying an additional 16,500 shares during the last quarter. Bank of America Corp DE increased its holdings in ALLETE by 65.4% during the fourth quarter. Bank of America Corp DE now owns 210,466 shares of the utilities provider's stock worth $13,638,000 after buying an additional 83,233 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in ALLETE during the fourth quarter worth $380,000. Finally, HighTower Advisors LLC boosted its position in ALLETE by 15.7% during the fourth 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 period. Institutional investors and hedge funds own 76.55% of the company's stock.

ALLETE Price Performance

ALE stock traded down $0.40 during midday trading on Friday, reaching $64.77. The company had a trading volume of 846,494 shares, compared to its average volume of 338,270. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 20.89 and a beta of 0.80. The stock has a 50 day moving average price of $65.14 and a 200-day moving average price of $65.21. ALLETE, Inc. has a 1-year low of $61.51 and a 1-year high of $66.40. 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 announced its earnings results on Thursday, May 8th. The utilities provider reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The business had revenue of $400.20 million for the quarter, compared to analysts' expectations of $456.30 million. ALLETE had a return on equity of 5.97% and a net margin of 11.72%. The firm's revenue was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share.

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.51%. The ex-dividend date was Thursday, May 15th. ALLETE's dividend payout ratio (DPR) is currently 91.54%.

ALLETE 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.