Alberta Investment Management Corp Buys 250,302 Shares of Allete, Inc. (NYSE:ALE)

Alberta Investment Management Corp boosted its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 784.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 282,202 shares of the utilities provider's stock after buying an additional 250,302 shares during the period. Alberta Investment Management Corp owned approximately 0.49% of Allete worth $18,541,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALE. UMB Bank n.a. boosted its position in Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after buying an additional 234 shares during the last quarter. Hexagon Capital Partners LLC raised its position in shares of Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after acquiring an additional 182 shares in the last quarter. Cherry Tree Wealth Management LLC purchased a new position in Allete during the 1st quarter worth approximately $49,000. Sound Income Strategies LLC grew its stake in shares of Allete by 646.7% in the 1st quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 789 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Allete in the 4th quarter valued at approximately $72,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Trading Up 0.0%

Shares of NYSE:ALE traded up $0.03 during midday trading on Monday, reaching $65.91. The company's stock had a trading volume of 152,182 shares, compared to its average volume of 408,401. The business has a 50 day moving average price of $65.11 and a 200 day moving average price of $65.28. Allete, Inc. has a 1 year low of $63.00 and a 1 year high of $66.46. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of 20.66 and a beta of 0.77.

Allete (NYSE:ALE - Get Free Report) last released its earnings results on Thursday, May 8th. The utilities provider reported $1.01 EPS for the quarter, hitting analysts' consensus estimates of $1.01. Allete had a net margin of 12.10% and a return on equity of 6.05%. The business had revenue of $400.20 million for the quarter, compared to the consensus estimate of $456.30 million. During the same period in the previous year, the firm earned $0.90 EPS. The business's revenue for the quarter was down .8% on a year-over-year basis.

Allete Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, August 15th. Allete's payout ratio is 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.