4,855 Shares in Allete, Inc. (NYSE:ALE) Purchased by Sowell Financial Services LLC

Sowell Financial Services LLC purchased a new stake in shares of Allete, Inc. (NYSE:ALE - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,855 shares of the utilities provider's stock, valued at approximately $319,000.

A number of other hedge funds have also modified their holdings of the stock. Highbridge Capital Management LLC bought a new position in Allete during the fourth quarter valued at approximately $54,592,000. Fort Baker Capital Management LP bought a new position in shares of Allete during the 4th quarter valued at $17,301,000. AQR Arbitrage LLC lifted its stake in shares of Allete by 30.4% in the 4th quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock valued at $54,781,000 after purchasing an additional 197,340 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in Allete by 627.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 165,730 shares of the utilities provider's stock worth $10,739,000 after purchasing an additional 142,957 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in Allete during the fourth quarter worth $8,741,000. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Stock Down 0.4%

NYSE ALE traded down $0.23 during trading on Wednesday, hitting $63.64. 409,581 shares of the company traded hands, compared to its average volume of 338,827. Allete, Inc. has a 12 month low of $61.51 and a 12 month high of $66.40. The business has a fifty day simple moving average of $65.04 and a 200 day simple moving average of $65.18. The company has a market capitalization of $3.69 billion, a P/E ratio of 19.95 and a beta of 0.80. 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 (NYSE:ALE - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. Allete had a return on equity of 6.05% and a net margin of 12.10%. The business had revenue of $400.20 million for the quarter, compared to the consensus estimate of $456.30 million. During the same period last year, the business earned $0.90 EPS. The firm's revenue was down .8% compared to the same quarter last year.

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Thursday, May 15th. Allete's payout ratio is 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.