Nisa Investment Advisors LLC Grows Position in Allete, Inc. (NYSE:ALE)

Nisa Investment Advisors LLC grew its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 14.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,397 shares of the utilities provider's stock after acquiring an additional 6,708 shares during the period. Nisa Investment Advisors LLC owned 0.09% of Allete worth $3,442,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ALE. Wealth Enhancement Advisory Services LLC raised its position in shares of Allete by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock valued at $616,000 after buying an additional 540 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Allete by 1.9% during the first quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider's stock valued at $12,384,000 after buying an additional 3,585 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Allete by 56.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,990 shares of the utilities provider's stock valued at $656,000 after acquiring an additional 3,612 shares during the period. Sowell Financial Services LLC bought a new stake in Allete in the first quarter valued at about $319,000. Finally, SG Americas Securities LLC bought a new stake in Allete in the first quarter valued at about $622,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Trading Down 0.7%

NYSE ALE traded down $0.46 during trading hours on Wednesday, hitting $65.94. The company's stock had a trading volume of 1,548,955 shares, compared to its average volume of 355,650. The stock has a fifty day moving average of $64.97 and a 200 day moving average of $65.21. Allete, Inc. has a twelve month low of $63.00 and a twelve month high of $66.46. The firm has a market capitalization of $3.82 billion, a P/E ratio of 20.67 and a beta of 0.79. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54.

Allete (NYSE:ALE - Get Free Report) last released its earnings results on Thursday, May 8th. The utilities provider reported $1.01 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 firm had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. During the same period last year, the firm earned $0.90 EPS. The business's quarterly revenue was down .8% compared to the same quarter last year.

Allete Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.43%. Allete's payout ratio is presently 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.