The Manufacturers Life Insurance Company Has $3.70 Million Position in ALLETE, Inc. (NYSE:ALE)

The Manufacturers Life Insurance Company cut its holdings in ALLETE, Inc. (NYSE:ALE) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 57,151 shares of the utilities provider’s stock after selling 1,211 shares during the period. The Manufacturers Life Insurance Company owned 0.10% of ALLETE worth $3,703,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ALE. Jones Financial Companies Lllp increased its position in ALLETE by 30.9% in the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock worth $47,000 after buying an additional 172 shares during the period. Fifth Third Bancorp grew its stake in shares of ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock worth $57,000 after acquiring an additional 217 shares during the last quarter. Headlands Technologies LLC bought a new position in ALLETE during the fourth quarter worth $73,000. Covestor Ltd raised its stake in ALLETE by 38.0% during 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 boosted its holdings in ALLETE by 61.7% in the 4th quarter. KBC Group NV now owns 2,431 shares of the utilities provider’s stock valued at $158,000 after purchasing an additional 928 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.

ALLETE Stock Performance

ALE opened at $65.48 on Friday. The stock’s 50 day simple moving average is $65.25 and its 200-day simple moving average is $65.08. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3.80 billion, a PE ratio of 21.12 and a beta of 0.82. ALLETE, Inc. has a 1 year low of $61.51 and a 1 year high of $65.99.

ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. ALLETE had a net margin of 11.72% and a return on equity of 5.97%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS.

ALLETE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date is Thursday, May 15th. ALLETE’s payout ratio is 94.19%.

Wall Street Analyst Weigh In

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.

About ALLETE

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.