Allete, Inc. (NYSE:ALE) Stock Position Raised by Alpine Associates Management Inc.

Alpine Associates Management Inc. increased its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 416,847 shares of the utilities provider's stock after purchasing an additional 33,000 shares during the period. Allete accounts for about 1.4% of Alpine Associates Management Inc.'s holdings, making the stock its 23rd biggest holding. Alpine Associates Management Inc. owned approximately 0.72% of Allete worth $27,387,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. grew its stake in Allete by 78.0% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 234 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in shares of Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after buying an additional 182 shares during the last quarter. Cherry Tree Wealth Management LLC acquired a new stake in Allete in the first quarter valued at $49,000. Sound Income Strategies LLC boosted its stake in Allete by 646.7% during the 1st quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 789 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Allete during the 4th quarter worth $72,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Stock Down 0.1%

Shares of Allete stock traded down $0.08 during trading on Friday, reaching $65.85. The company had a trading volume of 350,458 shares, compared to its average volume of 663,064. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The firm's fifty day moving average is $65.11 and its 200-day moving average is $65.28. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 20.64 and a beta of 0.77.

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

Allete Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 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.