CIBC Asset Management Inc lowered its holdings in shares of ALLETE Inc (NYSE:ALE) by 36.6% in the 4th quarter, HoldingsChannel reports. The firm owned 3,930 shares of the utilities provider’s stock after selling 2,270 shares during the period. CIBC Asset Management Inc’s holdings in ALLETE were worth $292,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Rocky Mountain Advisers LLC purchased a new stake in shares of ALLETE during the third quarter worth about $108,000. Resources Investment Advisors Inc. purchased a new stake in shares of ALLETE during the fourth quarter worth about $111,000. Meeder Asset Management Inc. grew its position in shares of ALLETE by 925.0% during the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 1,591 shares in the last quarter. Advisor Group Inc. grew its position in shares of ALLETE by 2.1% during the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 45 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of ALLETE by 4.3% during the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

Several research firms recently issued reports on ALE. Zacks Investment Research cut ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. JPMorgan Chase & Co. cut their target price on ALLETE from $76.00 to $73.00 and set an “underweight” rating for the company in a research report on Thursday, January 25th. Ladenburg Thalmann Financial Services cut ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a research report on Friday, October 20th. Wells Fargo & Co set a $71.00 target price on ALLETE and gave the stock a “hold” rating in a research report on Tuesday. Finally, Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $77.20.

ALLETE Inc (NYSE:ALE) opened at $69.45 on Wednesday. The firm has a market capitalization of $3,557.98, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 2.74 and a beta of 0.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 1.34. ALLETE Inc has a 1-year low of $64.56 and a 1-year high of $81.24.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, February 14th. This is a boost from ALLETE’s previous quarterly dividend of $0.54. ALLETE’s dividend payout ratio (DPR) is currently 61.85%.

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About ALLETE

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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