Dynamic Technology Lab Private Ltd Invests $311,000 in ALLETE, Inc. (NYSE:ALE)

Dynamic Technology Lab Private Ltd purchased a new stake in ALLETE, Inc. (NYSE:ALE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,810 shares of the utilities provider’s stock, valued at approximately $311,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Jones Financial Companies Lllp lifted its stake in ALLETE by 30.9% in the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 172 shares during the last quarter. Fifth Third Bancorp increased its position in shares of ALLETE by 32.9% during the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock worth $57,000 after buying an additional 217 shares during the period. Headlands Technologies LLC acquired a new stake in ALLETE in the fourth quarter worth $73,000. KBC Group NV grew its holdings in ALLETE by 61.7% in the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider’s stock worth $158,000 after purchasing an additional 928 shares during the period. Finally, Alerus Financial NA bought a new position in shares of ALLETE in the fourth quarter valued at $202,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of ALLETE in a report on Friday, January 10th. They set a “hold” rating on the stock.

ALLETE Price Performance

Shares of ALLETE stock opened at $65.08 on Thursday. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 20.99 and a beta of 0.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. The company has a fifty day moving average of $65.45 and a 200-day moving average of $64.96. ALLETE, Inc. has a 52-week low of $56.66 and a 52-week high of $65.99.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a return on equity of 5.97% and a net margin of 11.72%.

ALLETE Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from ALLETE’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.49%. ALLETE’s dividend payout ratio (DPR) is presently 94.19%.

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.