American International Group Inc. Has $6.48 Million Holdings in ALLETE, Inc. (NYSE:ALE)

American International Group Inc. reduced its stake in shares of ALLETE, Inc. (NYSE:ALE) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,917 shares of the utilities provider’s stock after selling 3,335 shares during the quarter. American International Group Inc. owned 0.18% of ALLETE worth $6,478,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of ALLETE by 2.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock valued at $54,355,000 after buying an additional 24,690 shares in the last quarter. Boston Partners raised its stake in shares of ALLETE by 23.6% in the 4th quarter. Boston Partners now owns 19,120 shares of the utilities provider’s stock valued at $1,169,000 after buying an additional 3,647 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new position in shares of ALLETE in the 4th quarter valued at $801,000. Alps Advisors Inc. grew its holdings in shares of ALLETE by 41.4% in the 3rd quarter. Alps Advisors Inc. now owns 8,976 shares of the utilities provider’s stock worth $474,000 after purchasing an additional 2,626 shares during the last quarter. Finally, Gotham Asset Management LLC grew its holdings in shares of ALLETE by 102.9% in the 3rd quarter. Gotham Asset Management LLC now owns 42,446 shares of the utilities provider’s stock worth $2,241,000 after purchasing an additional 21,528 shares during the last quarter. Institutional investors and hedge funds own 76.55% of the company’s stock.

ALLETE Stock Down 0.3 %

Shares of NYSE:ALE opened at $62.74 on Friday. ALLETE, Inc. has a 12 month low of $49.29 and a 12 month high of $65.86. The company’s 50-day moving average price is $61.87 and its two-hundred day moving average price is $60.22. The company has a quick ratio of 0.96, a current ratio of 1.66 and a debt-to-equity ratio of 0.52. The firm has a market cap of $3.61 billion, a P/E ratio of 15.08 and a beta of 0.79.

ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). ALLETE had a return on equity of 7.21% and a net margin of 13.94%. The company had revenue of $403.30 million for the quarter, compared to the consensus estimate of $581.26 million. As a group, research analysts forecast that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were given a dividend of $0.705 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $2.82 dividend on an annualized basis and a yield of 4.49%. ALLETE’s payout ratio is presently 67.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Mizuho upped their target price on shares of ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. StockNews.com assumed coverage on shares of ALLETE in a report on Sunday, June 16th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.40.

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.