New York Life Investment Management LLC Sells 12,046 Shares of ALLETE, Inc. (NYSE:ALE)

New York Life Investment Management LLC decreased its position in ALLETE, Inc. (NYSE:ALE) by 11.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,442 shares of the utilities provider’s stock after selling 12,046 shares during the quarter. New York Life Investment Management LLC owned approximately 0.17% of ALLETE worth $6,249,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Longfellow Investment Management Co. LLC bought a new position in shares of ALLETE in the third quarter valued at approximately $38,000. Fifth Third Bancorp raised its position in shares of ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock valued at $57,000 after purchasing an additional 217 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in shares of ALLETE by 31.0% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 370 shares during the period. KBC Group NV raised its position in shares of ALLETE by 61.7% in the fourth 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. Finally, Meeder Asset Management Inc. raised its position in shares of ALLETE by 14.8% in the third quarter. Meeder Asset Management Inc. now owns 3,135 shares of the utilities provider’s stock valued at $201,000 after purchasing an additional 405 shares during the period. Institutional investors own 76.55% of the company’s stock.

ALLETE Trading Up 0.0 %

Shares of ALLETE stock opened at $65.49 on Friday. The company’s fifty day simple moving average is $65.35 and its 200-day simple moving average is $64.60. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 21.13 and a beta of 0.80. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50. ALLETE, Inc. has a 1 year low of $55.86 and a 1 year high of $65.99.

ALLETE (NYSE:ALE) last announced its quarterly earnings data 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 declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 4.46%. This is an increase from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s payout ratio is currently 94.19%.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of ALLETE in a research note on Friday, January 10th. They issued a “hold” rating on the stock.

ALLETE Company 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.