Nuveen Asset Management LLC Has $33.44 Million Holdings in ALLETE, Inc. (NYSE:ALE)

Nuveen Asset Management LLC lessened its position in shares of ALLETE, Inc. (NYSE:ALE) by 8.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 516,094 shares of the utilities provider’s stock after selling 48,136 shares during the quarter. Nuveen Asset Management LLC’s holdings in ALLETE were worth $33,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC grew its stake in ALLETE by 13.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider’s stock worth $88,000 after purchasing an additional 164 shares during the period. Jones Financial Companies Lllp grew its stake in ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 172 shares during the period. Fifth Third Bancorp grew its stake in 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 purchasing an additional 217 shares during the period. Exchange Traded Concepts LLC grew its stake in ALLETE by 2.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider’s stock worth $764,000 after purchasing an additional 295 shares during the period. Finally, Xponance Inc. grew its stake in ALLETE by 4.5% during the fourth quarter. Xponance Inc. now owns 8,198 shares of the utilities provider’s stock worth $531,000 after purchasing an additional 356 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.

ALLETE Trading Down 0.3%

NYSE ALE opened at $65.00 on Thursday. The business has a 50 day simple moving average of $65.24 and a 200 day simple moving average of $65.16. ALLETE, Inc. has a one year low of $61.51 and a one year high of $65.99. The stock has a market capitalization of $3.77 billion, a P/E ratio of 20.97 and a beta of 0.82. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, May 8th. The utilities provider reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. ALLETE had a return on equity of 5.97% and a net margin of 11.72%. The business had revenue of $400.20 million during the quarter, compared to analysts’ expectations of $456.30 million. During the same quarter last year, the firm posted $0.90 earnings per share. The firm’s revenue was down .8% on a year-over-year basis.

ALLETE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.49%. ALLETE’s dividend payout ratio (DPR) is presently 91.54%.

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.