CWA Asset Management Group LLC Grows Stake in Allete, Inc. (NYSE:ALE)

CWA Asset Management Group LLC lifted its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,973 shares of the utilities provider's stock after acquiring an additional 5,360 shares during the period. CWA Asset Management Group LLC's holdings in Allete were worth $1,641,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Sowell Financial Services LLC bought a new stake in shares of Allete during the first quarter worth about $319,000. Exchange Traded Concepts LLC increased its position in shares of 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 acquiring an additional 337 shares in the last quarter. Sound Income Strategies LLC increased its position in shares of 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 acquiring an additional 789 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings 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 last quarter. Finally, SG Americas Securities LLC bought a new stake in Allete in the 1st quarter worth about $622,000. 76.55% of the stock is owned by institutional investors.

Allete Stock Down 0.9%

ALE stock traded down $0.56 during trading on Friday, reaching $63.46. The stock had a trading volume of 984,965 shares, compared to its average volume of 339,715. Allete, Inc. has a one year low of $61.51 and a one year high of $66.40. 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 company's 50 day moving average is $65.08 and its two-hundred day moving average is $65.19. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 19.89 and a beta of 0.80.

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

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend was Thursday, May 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.