Assetmark Inc. Purchases 1,943 Shares of ALLETE, Inc. (NYSE:ALE)

Assetmark Inc. boosted its position in ALLETE, Inc. (NYSE:ALE) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,242 shares of the utilities provider’s stock after purchasing an additional 1,943 shares during the quarter. Assetmark Inc. owned approximately 0.06% of ALLETE worth $2,094,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ALE. AQR Capital Management LLC grew its stake in shares of ALLETE by 263.7% in the third quarter. AQR Capital Management LLC now owns 395,962 shares of the utilities provider’s stock worth $20,907,000 after acquiring an additional 287,088 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of ALLETE by 112.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 504,362 shares of the utilities provider’s stock worth $30,847,000 after acquiring an additional 266,505 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of ALLETE by 214.3% in the third quarter. Jupiter Asset Management Ltd. now owns 339,627 shares of the utilities provider’s stock worth $17,932,000 after acquiring an additional 231,582 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of ALLETE by 2.1% in the third quarter. Vanguard Group Inc. now owns 6,402,795 shares of the utilities provider’s stock worth $338,068,000 after acquiring an additional 130,113 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of ALLETE by 29.7% in the third quarter. American Century Companies Inc. now owns 564,120 shares of the utilities provider’s stock worth $29,786,000 after acquiring an additional 129,104 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ALE shares. Mizuho increased their target price on ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. StockNews.com assumed coverage on ALLETE in a report on Thursday. They issued a “hold” rating for the company. Finally, Wells Fargo & Company lifted their price objective on ALLETE from $57.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, ALLETE currently has an average rating of “Hold” and a consensus price target of $60.40.

ALLETE Price Performance

NYSE ALE opened at $62.92 on Friday. ALLETE, Inc. has a one year low of $49.29 and a one year high of $65.86. The stock has a 50-day moving average of $60.40 and a 200 day moving average of $59.22. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.13 and a beta of 0.75. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.66.

ALLETE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.705 per share. The ex-dividend date is Tuesday, May 14th. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.48%. ALLETE’s dividend payout ratio is currently 67.79%.

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.