Allete (NYSE:ALE) Sets New 12-Month High - Here's What Happened

Allete, Inc. (NYSE:ALE - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $66.44 and last traded at $66.30, with a volume of 297122 shares changing hands. The stock had previously closed at $66.06.

Allete Stock Down 0.4%

The company has a market cap of $3.81 billion, a price-to-earnings ratio of 20.58 and a beta of 0.79. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average price of $64.98 and a two-hundred day moving average price of $65.22.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 EPS for the quarter, hitting analysts' consensus estimates of $1.01. Allete had a return on equity of 6.05% and a net margin of 12.10%. The firm had revenue of $400.20 million for the quarter, compared to the consensus estimate of $456.30 million. During the same quarter in the prior year, the company 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 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 dividend on an annualized basis and a yield of 4.45%. Allete's dividend payout ratio is currently 91.54%.

Hedge Funds Weigh In On Allete

A number of hedge funds have recently added to or reduced their stakes in ALE. Wealth Enhancement Advisory Services LLC boosted its position in Allete by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock worth $616,000 after purchasing an additional 540 shares during the period. Principal Financial Group Inc. boosted its position in Allete by 1.9% during the first quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider's stock worth $12,384,000 after purchasing an additional 3,585 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Allete by 56.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,990 shares of the utilities provider's stock worth $656,000 after purchasing an additional 3,612 shares during the period. Sowell Financial Services LLC bought a new stake in Allete during the first quarter worth approximately $319,000. Finally, SG Americas Securities LLC bought a new stake in Allete during the first quarter worth approximately $622,000. Institutional investors and hedge funds own 76.55% of the company's stock.

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.