Allete (NYSE:ALE) Reaches New 52-Week High - Still a Buy?

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

Allete Price Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26. The company has a 50-day moving average of $64.93 and a 200-day moving average of $65.19. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 20.83 and a beta of 0.79.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share 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 during the quarter, compared to the consensus estimate of $456.30 million. During the same quarter in the prior year, the firm posted $0.90 EPS. The business's revenue was down .8% on a year-over-year basis.

Allete Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Thursday, May 15th. Allete's dividend payout ratio (DPR) is currently 91.54%.

Hedge Funds Weigh In On Allete

Large investors have recently bought and sold shares of the company. Lazard Asset Management LLC raised its stake in Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock valued at $88,000 after purchasing an additional 164 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Allete by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 172 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 182 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Allete by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock valued at $445,000 after purchasing an additional 185 shares in the last quarter. Finally, State of Michigan Retirement System raised its stake in Allete by 1.5% in the first quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock valued at $910,000 after purchasing an additional 200 shares in the last quarter. 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.