State of Alaska Department of Revenue Raises Position in Allete, Inc. (NYSE:ALE)

State of Alaska Department of Revenue boosted its position in Allete, Inc. (NYSE:ALE) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,781 shares of the utilities provider’s stock after acquiring an additional 185 shares during the quarter. State of Alaska Department of Revenue’s holdings in Allete were worth $445,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ALE. CWA Asset Management Group LLC raised its holdings in shares of Allete by 27.3% in the first quarter. CWA Asset Management Group LLC now owns 24,973 shares of the utilities provider’s stock valued at $1,641,000 after buying an additional 5,360 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in Allete during the first quarter worth about $319,000. Exchange Traded Concepts LLC grew its position in Allete by 2.9% during the first quarter. Exchange Traded Concepts LLC now owns 12,123 shares of the utilities provider’s stock worth $796,000 after buying an additional 337 shares during the period. Sound Income Strategies LLC raised its holdings in Allete by 646.7% during the first quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 789 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Allete by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider’s stock worth $616,000 after buying an additional 540 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Stock Performance

NYSE ALE opened at $63.95 on Monday. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54. Allete, Inc. has a fifty-two week low of $61.51 and a fifty-two week high of $66.40. The business has a fifty day moving average of $64.98 and a 200-day moving average of $65.16. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 20.05 and a beta of 0.80.

Allete (NYSE:ALE) last announced its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. The business had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. Allete had a net margin of 12.10% and a return on equity of 6.05%. The company’s revenue was down .8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS.

Allete Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were issued a $0.73 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.92 annualized dividend and a yield of 4.57%. Allete’s dividend payout ratio is currently 91.54%.

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.