Tabor Asset Management LP Makes New $1.77 Million Investment in Allete, Inc. (NYSE:ALE)

Tabor Asset Management LP purchased a new stake in shares of Allete, Inc. (NYSE:ALE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 26,876 shares of the utilities provider's stock, valued at approximately $1,766,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ALE. UMB Bank n.a. increased its position in shares of Allete by 78.0% in the first 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. Hexagon Capital Partners LLC boosted 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 valued at $39,000 after buying an additional 182 shares during the period. Cherry Tree Wealth Management LLC acquired a new position in Allete during the first quarter valued at approximately $49,000. Sound Income Strategies LLC increased its holdings in shares of Allete by 646.7% during the first quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock worth $60,000 after buying an additional 789 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Allete in the fourth quarter valued at $72,000. 76.55% of the stock is currently owned by institutional investors.

Allete Stock Down 0.0%

Shares of ALE stock traded down $0.03 on Thursday, reaching $65.66. 110,905 shares of the company were exchanged, compared to its average volume of 412,541. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 20.59 and a beta of 0.79. The company has a 50-day moving average of $65.00 and a 200-day moving average of $65.25. 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 one year low of $63.00 and a one year high of $66.46.

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

Allete Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date 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.