Price T Rowe Associates Inc. MD Buys 4,069 Shares of ALLETE, Inc. (NYSE:ALE)

Price T Rowe Associates Inc. MD boosted its position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 11.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,132 shares of the utilities provider's stock after acquiring an additional 4,069 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.07% of ALLETE worth $2,666,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp raised its position in shares of ALLETE by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after buying an additional 172 shares in the last quarter. Fifth Third Bancorp lifted its holdings in ALLETE by 32.9% during the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock worth $57,000 after buying an additional 217 shares during the period. Headlands Technologies LLC bought a new stake in ALLETE in the fourth quarter valued at approximately $73,000. Covestor Ltd boosted its stake in shares of ALLETE by 38.0% in the 4th quarter. Covestor Ltd now owns 2,410 shares of the utilities provider's stock valued at $156,000 after purchasing an additional 663 shares during the last quarter. Finally, KBC Group NV raised its stake in ALLETE by 61.7% during the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider's stock worth $158,000 after buying an additional 928 shares during the last quarter. 76.55% of the stock is owned by institutional investors.

ALLETE Stock Performance

Shares of ALE stock traded down $0.07 during trading on Friday, reaching $65.42. 255,520 shares of the company's stock traded hands, compared to its average volume of 349,493. The firm's 50-day moving average is $65.25 and its 200 day moving average is $65.09. The company has a market capitalization of $3.79 billion, a P/E ratio of 21.10 and a beta of 0.82. ALLETE, Inc. has a 1 year low of $61.51 and a 1 year high of $65.99. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50.

ALLETE (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. ALLETE had a net margin of 11.72% and a return on equity of 5.97%. The company had revenue of $400.20 million for the quarter, compared to analysts' expectations of $456.30 million. During the same period in the prior year, the business earned $0.90 earnings per share. ALLETE's revenue for the quarter was down .8% compared to the same quarter last year.

ALLETE Dividend Announcement

The company also recently announced 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 4.46%. ALLETE's dividend payout ratio is presently 94.19%.

Wall Street Analysts Forecast Growth

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

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.