Keybank National Association OH cut its holdings in shares of Allete, Inc. (NYSE:ALE) by 17.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,915 shares of the utilities provider’s stock after selling 3,516 shares during the period. Keybank National Association OH’s holdings in Allete were worth $1,307,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Allete by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,960,166 shares of the utilities provider’s stock worth $355,545,000 after acquiring an additional 172,317 shares during the last quarter. Principal Financial Group Inc. grew its position in Allete by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares during the last quarter. State Street Corp grew its position in Allete by 4.1% during the 2nd quarter. State Street Corp now owns 1,328,131 shares of the utilities provider’s stock worth $95,203,000 after acquiring an additional 52,526 shares during the last quarter. Northern Trust Corp grew its position in Allete by 5.1% during the 2nd quarter. Northern Trust Corp now owns 1,288,830 shares of the utilities provider’s stock worth $92,384,000 after acquiring an additional 62,774 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Allete by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 888,262 shares of the utilities provider’s stock worth $63,671,000 after acquiring an additional 22,706 shares during the last quarter. Institutional investors and hedge funds own 70.17% of the company’s stock.

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Allete, Inc. (NYSE ALE) opened at $76.34 on Monday. The company has a market capitalization of $3,896.37, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 3.77 and a beta of 0.47. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98. Allete, Inc. has a 12-month low of $58.22 and a 12-month high of $80.00.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be given a $0.535 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $2.14 dividend on an annualized basis and a yield of 2.80%. Allete’s payout ratio is 61.85%.

A number of research firms recently commented on ALE. Zacks Investment Research lowered Allete from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. BidaskClub upgraded Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. J P Morgan Chase & Co increased their price target on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a research report on Thursday, October 12th. Williams Capital restated a “hold” rating and set a $79.00 price target on shares of Allete in a research report on Thursday, October 12th. Finally, ValuEngine lowered Allete from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $79.50.

Allete Company Profile

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.

Institutional Ownership by Quarter for Allete (NYSE:ALE)

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