Allete, Inc. (NYSE:ALE) Position Boosted by CWA Asset Management Group LLC

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

A number of other institutional investors have also added to or reduced their stakes in ALE. Empowered Funds LLC acquired a new stake in shares of Allete during the fourth quarter worth $368,000. Van ECK Associates Corp grew its stake in shares of Allete by 8.3% in the 4th quarter. Van ECK Associates Corp now owns 17,289 shares of the utilities provider's stock valued at $1,120,000 after buying an additional 1,326 shares during the period. Rhumbline Advisers grew its stake in shares of Allete by 3.5% in the 4th quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider's stock valued at $13,578,000 after buying an additional 7,153 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of Allete by 3.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 32,525 shares of the utilities provider's stock worth $2,108,000 after purchasing an additional 1,164 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Allete by 2.5% during the 4th quarter. Principal Financial Group Inc. now owns 184,915 shares of the utilities provider's stock worth $11,982,000 after buying an additional 4,576 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Stock Down 0.9%

Shares of ALE traded down $0.56 during midday trading on Friday, reaching $63.46. The stock had a trading volume of 984,965 shares, compared to its average volume of 341,255. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81. The company's fifty day simple moving average is $65.08 and its two-hundred day simple moving average is $65.18. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 19.89 and a beta of 0.80. Allete, Inc. has a 1-year low of $61.51 and a 1-year high of $66.40.

Allete (NYSE:ALE - Get Free Report) last issued its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, meeting the consensus estimate 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 quarter in the previous year, the firm earned $0.90 earnings per share. The business's quarterly revenue was down .8% compared to the same quarter last year.

Allete Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 4.60%. The ex-dividend date was Thursday, May 15th. Allete's 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.