Cannon Global Investment Management LLC Acquires New Position in Allete, Inc. (NYSE:ALE)

Cannon Global Investment Management LLC acquired a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 9,000 shares of the utilities provider's stock, valued at approximately $591,000. Allete makes up 1.0% of Cannon Global Investment Management LLC's holdings, making the stock its 20th biggest holding.

Several other institutional investors have also modified their holdings of the stock. Lazard Asset Management LLC raised its holdings in Allete by 13.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock valued at $88,000 after buying an additional 164 shares during the period. Jones Financial Companies Lllp grew its holdings in Allete by 30.9% during the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock worth $47,000 after acquiring an additional 172 shares in the last quarter. State of Alaska Department of Revenue increased its holdings 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 buying an additional 185 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Allete by 78.0% in the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 234 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Allete by 15.2% during the first quarter. GAMMA Investing LLC now owns 1,835 shares of the utilities provider's stock worth $121,000 after purchasing an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Stock Up 0.5%

NYSE:ALE traded up $0.33 during midday trading on Thursday, hitting $65.10. 323,946 shares of the company were exchanged, compared to its average volume of 335,603. The company has a fifty day simple moving average of $64.95 and a 200 day simple moving average of $65.15. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. Allete, Inc. has a fifty-two week low of $61.55 and a fifty-two week high of $66.40. The company has a market capitalization of $3.77 billion, a PE ratio of 20.41 and a beta of 0.79.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results on Thursday, May 8th. The utilities provider reported $1.01 EPS for the quarter, meeting 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 analysts' expectations of $456.30 million. During the same period in the previous year, the company posted $0.90 EPS. The company's quarterly revenue was down .8% on a year-over-year basis.

Allete Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.49%. The ex-dividend date was Thursday, May 15th. Allete's dividend payout ratio is presently 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.