Inspire Advisors LLC Has $2.70 Million Stake in Allete, Inc. (NYSE:ALE)

Key Points

• Inspire Advisors LLC increased its shareholding in Allete, Inc. by 19.8%, owning approximately 41,046 shares valued at $2.7 million as of the latest SEC filing.
• Allete announced a quarterly dividend of $0.73, with a dividend yield of 4.43%, to be paid on September 1 to stockholders of record on August 15.
• Allete reported earnings of $1.01 per share for the quarter, meeting analysts' estimates, but experienced a 0.8% decline in revenue compared to the previous year.

Inspire Advisors LLC boosted its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,046 shares of the utilities provider's stock after purchasing an additional 6,779 shares during the period. Inspire Advisors LLC owned 0.07% of Allete worth $2,697,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALE. UMB Bank n.a. grew its holdings in shares of 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 acquiring an additional 234 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings 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 valued at $39,000 after acquiring an additional 182 shares in the last quarter. Cherry Tree Wealth Management LLC acquired a new stake in shares of Allete in the 1st quarter valued at $49,000. Sound Income Strategies LLC lifted 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 $72,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Stock Up 0.0%

Shares of ALE stock traded up $0.03 on Wednesday, hitting $65.90. The company's stock had a trading volume of 52,136 shares, compared to its average volume of 408,352. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81. 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 price is $65.06 and its 200-day moving average price is $65.27. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 20.66 and a beta of 0.79.

Allete (NYSE:ALE - Get Free Report) last released 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 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 analyst estimates of $456.30 million. During the same quarter in the previous year, the business earned $0.90 EPS. Allete's quarterly revenue was down .8% compared to the same quarter last year.

Allete Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Friday, August 15th. Allete's dividend 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.