Nuveen Asset Management LLC Sells 48,136 Shares of ALLETE, Inc. (NYSE:ALE)

Nuveen Asset Management LLC cut its holdings in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 8.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 516,094 shares of the utilities provider's stock after selling 48,136 shares during the quarter. Nuveen Asset Management LLC owned 0.89% of ALLETE worth $33,443,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its holdings in shares of ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock worth $47,000 after purchasing an additional 172 shares during the period. Fifth Third Bancorp increased its holdings in shares of ALLETE by 32.9% during the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock worth $57,000 after purchasing an additional 217 shares during the period. Headlands Technologies LLC bought a new position in shares of ALLETE during the fourth quarter worth approximately $73,000. Lazard Asset Management LLC increased its holdings in shares of ALLETE by 13.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock worth $88,000 after purchasing an additional 164 shares during the period. Finally, Covestor Ltd increased its holdings in shares of ALLETE by 38.0% during the fourth quarter. Covestor Ltd now owns 2,410 shares of the utilities provider's stock worth $156,000 after purchasing an additional 663 shares during the period. 76.55% of the stock is owned by institutional investors.

ALLETE Stock Performance

Shares of ALE traded up $0.28 during mid-day trading on Tuesday, hitting $65.26. 428,101 shares of the company's stock were exchanged, compared to its average volume of 342,435. ALLETE, Inc. has a 52 week low of $61.51 and a 52 week high of $65.99. The stock's 50-day simple moving average is $65.20 and its 200-day simple moving average is $65.17. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 21.05 and a beta of 0.82. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50.

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, hitting the consensus estimate of $1.01. The company had revenue of $400.20 million for the quarter, compared to analysts' expectations of $456.30 million. ALLETE had a net margin of 11.72% and a return on equity of 5.97%. The business's revenue for the quarter was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.90 earnings per share.

ALLETE Dividend Announcement

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 paid a $0.73 dividend. The ex-dividend date is Thursday, May 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.47%. ALLETE's dividend payout ratio (DPR) is 91.54%.

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.