ALLETE, Inc. (NYSE:ALE) Shares Bought by Swiss National Bank

Swiss National Bank increased its stake in shares of ALLETE, Inc. (NYSE:ALEGet Rating) by 1.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 125,500 shares of the utilities provider’s stock after buying an additional 1,200 shares during the quarter. Swiss National Bank’s holdings in ALLETE were worth $7,377,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of ALLETE by 421.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 308 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in ALLETE in the 2nd quarter worth approximately $29,000. Venture Visionary Partners LLC purchased a new stake in ALLETE in the 2nd quarter worth approximately $51,000. CWM LLC grew its stake in ALLETE by 23.1% in the 2nd quarter. CWM LLC now owns 1,081 shares of the utilities provider’s stock worth $64,000 after acquiring an additional 203 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in ALLETE in the 1st quarter worth approximately $79,000. 77.64% of the stock is currently owned by institutional investors and hedge funds.

ALLETE Stock Performance

Shares of ALE stock opened at $66.15 on Wednesday. ALLETE, Inc. has a 12 month low of $47.77 and a 12 month high of $68.61. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.02 and a quick ratio of 0.35. The firm has a market capitalization of $3.78 billion, a P/E ratio of 17.98, a P/E/G ratio of 1.88 and a beta of 0.71. The company’s fifty day moving average price is $55.36 and its two-hundred day moving average price is $58.54.

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th will be issued a $0.65 dividend. The ex-dividend date is Monday, November 14th. This represents a $2.60 dividend on an annualized basis and a yield of 3.93%. ALLETE’s dividend payout ratio is currently 70.65%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com raised shares of ALLETE from a “sell” rating to a “hold” rating in a research note on Tuesday. Bank of America raised shares of ALLETE from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $53.00 to $66.00 in a research note on Monday, November 14th. Guggenheim lowered their price objective on shares of ALLETE from $66.00 to $53.00 in a research note on Monday, October 24th. Mizuho decreased their price target on shares of ALLETE from $58.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price target for the company in a research report on Thursday, November 17th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, ALLETE currently has an average rating of “Hold” and a consensus target price of $58.00.

ALLETE Company Profile

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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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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