Meeder Asset Management Inc. Has $201,000 Stake in ALLETE, Inc. (NYSE:ALE)

Meeder Asset Management Inc. raised its stake in ALLETE, Inc. (NYSE:ALE) by 14.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,135 shares of the utilities provider’s stock after acquiring an additional 405 shares during the quarter. Meeder Asset Management Inc.’s holdings in ALLETE were worth $201,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ALE. Boston Partners lifted its stake in ALLETE by 59.2% in the 1st quarter. Boston Partners now owns 30,441 shares of the utilities provider’s stock valued at $1,816,000 after purchasing an additional 11,321 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of ALLETE by 0.5% during the first quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock worth $394,548,000 after buying an additional 35,992 shares in the last quarter. Quest Partners LLC lifted its stake in shares of ALLETE by 249.1% in the 3rd quarter. Quest Partners LLC now owns 34,367 shares of the utilities provider’s stock valued at $2,206,000 after acquiring an additional 24,523 shares during the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of ALLETE by 147.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 84,607 shares of the utilities provider’s stock valued at $5,275,000 after acquiring an additional 50,361 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in ALLETE during the 2nd quarter worth $3,572,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the company. Sidoti upgraded ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. StockNews.com assumed coverage on shares of ALLETE in a research report on Friday, November 15th. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, ALLETE has an average rating of “Hold” and an average target price of $62.00.

ALLETE Trading Up 0.2 %

NYSE ALE opened at $64.57 on Wednesday. The firm has a market capitalization of $3.73 billion, a PE ratio of 20.70 and a beta of 0.80. The business’s 50-day moving average price is $64.26 and its two-hundred day moving average price is $63.64. The company has a current ratio of 1.45, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. ALLETE, Inc. has a 12 month low of $54.71 and a 12 month high of $65.86.

ALLETE (NYSE:ALE) last announced its earnings results on Wednesday, October 30th. The utilities provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.21). ALLETE had a net margin of 11.49% and a return on equity of 5.99%. The company had revenue of $407.20 million during the quarter. During the same quarter in the previous year, the firm earned $1.49 EPS. ALLETE’s revenue was up 7.5% compared to the same quarter last year.

ALLETE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a $0.705 dividend. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from ALLETE’s previous quarterly dividend of $0.70. This represents a $2.82 annualized dividend and a dividend yield of 4.37%. ALLETE’s dividend payout ratio (DPR) is 90.38%.

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.