California Public Employees Retirement System Grows Stake in ALLETE, Inc. (NYSE:ALE)

California Public Employees Retirement System lifted its stake in shares of ALLETE, Inc. (NYSE:ALEGet Rating) by 0.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 117,926 shares of the utilities provider’s stock after acquiring an additional 656 shares during the period. California Public Employees Retirement System’s holdings in ALLETE were worth $6,932,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Swiss National Bank lifted its stake in ALLETE by 1.0% in the second quarter. Swiss National Bank now owns 125,500 shares of the utilities provider’s stock worth $7,377,000 after purchasing an additional 1,200 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of ALLETE during the second quarter valued at about $29,000. TIAA FSB purchased a new stake in ALLETE in the second quarter worth about $233,000. Advisors Asset Management Inc. grew its holdings in ALLETE by 279.0% in the second quarter. Advisors Asset Management Inc. now owns 36,953 shares of the utilities provider’s stock worth $2,172,000 after purchasing an additional 27,203 shares during the period. Finally, Texas Permanent School Fund grew its holdings in ALLETE by 10.5% in the second quarter. Texas Permanent School Fund now owns 41,190 shares of the utilities provider’s stock worth $2,421,000 after purchasing an additional 3,919 shares during the period. 77.64% of the stock is owned by institutional investors.

ALLETE Trading Down 0.4 %

NYSE ALE opened at $65.87 on Thursday. The company’s 50-day simple moving average is $55.50 and its two-hundred day simple moving average is $58.59. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.35 and a current ratio of 1.02. ALLETE, Inc. has a one year low of $47.77 and a one year high of $68.61. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.90 and a beta of 0.71.

ALLETE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Monday, November 14th. ALLETE’s dividend payout ratio is presently 70.65%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a research note on Tuesday. TheStreet downgraded shares of ALLETE from a “b-” rating to a “c+” rating in a research report on Wednesday, October 26th. Wells Fargo & Company reduced their price objective on shares of ALLETE from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 19th. Mizuho cut their target price on shares of ALLETE from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, October 3rd. Finally, Bank of America raised shares of ALLETE from a “neutral” rating to a “buy” rating and raised their target price for the company from $53.00 to $66.00 in a research note on Monday, November 14th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $58.00.

About ALLETE

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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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