Allianz Asset Management GmbH cut its holdings in shares of ALLETE Inc (NYSE:ALE) by 56.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,216 shares of the utilities provider’s stock after selling 13,442 shares during the period. Allianz Asset Management GmbH’s holdings in ALLETE were worth $790,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ALLETE by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after acquiring an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of ALLETE by 2.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after acquiring an additional 49 shares in the last quarter. Meeder Asset Management Inc. increased 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 acquiring an additional 1,591 shares in the last quarter. Advisor Group Inc. increased 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 acquiring an additional 45 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased 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 acquiring an additional 115 shares in the last quarter. 73.20% of the stock is owned by institutional investors.

Shares of ALLETE Inc (ALE) opened at $74.36 on Friday. ALLETE Inc has a 52-week low of $61.64 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98. The stock has a market cap of $3,792.76, a PE ratio of 20.53, a price-to-earnings-growth ratio of 3.21 and a beta of 0.47.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th were given a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Tuesday, November 14th. ALLETE’s payout ratio is 61.85%.

Several equities research analysts have recently commented on ALE shares. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating and set a $88.00 target price for the company in a research report on Tuesday, October 10th. Williams Capital reaffirmed a “hold” rating and issued a $79.00 price objective on shares of ALLETE in a research report on Thursday, October 12th. Ladenburg Thalmann Financial Services downgraded shares of ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 price objective for the company. in a research report on Friday, October 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $80.25.

ILLEGAL ACTIVITY NOTICE: “Allianz Asset Management GmbH Sells 13,442 Shares of ALLETE Inc (ALE)” was posted by Watch List News and is owned by of Watch List News. If you are reading this news story on another site, it was stolen and reposted in violation of US and international copyright and trademark laws. The original version of this news story can be viewed at https://www.watchlistnews.com/allianz-asset-management-gmbh-sells-13442-shares-of-allete-inc-ale/1788348.html.

ALLETE 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)

Receive News & Ratings for ALLETE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE and related companies with MarketBeat.com's FREE daily email newsletter.