Tabor Asset Management LP Acquires New Stake in Allete, Inc. (NYSE:ALE)

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

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in Allete during the fourth quarter valued at approximately $3,522,000. HighTower Advisors LLC lifted its holdings in shares of Allete by 15.7% in the 4th quarter. HighTower Advisors LLC now owns 6,311 shares of the utilities provider's stock valued at $409,000 after buying an additional 855 shares during the period. Swiss National Bank lifted its holdings in shares of Allete by 0.7% in the 4th quarter. Swiss National Bank now owns 113,600 shares of the utilities provider's stock valued at $7,361,000 after buying an additional 800 shares during the period. Cibc World Markets Corp acquired a new position in shares of Allete in the 4th quarter valued at about $352,000. Finally, Xponance Inc. lifted its holdings in shares of Allete by 4.5% in the 4th quarter. Xponance Inc. now owns 8,198 shares of the utilities provider's stock valued at $531,000 after buying an additional 356 shares during the period. Institutional investors own 76.55% of the company's stock.

Allete Price Performance

Shares of NYSE ALE remained flat at $65.65 during trading on Monday. 65,759 shares of the stock traded hands, compared to its average volume of 355,120. The firm's fifty day simple moving average is $64.98 and its two-hundred day simple moving average is $65.23. Allete, Inc. has a 1-year low of $63.00 and a 1-year high of $66.46. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 20.58 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 posted its quarterly earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.01. The business had revenue of $400.20 million during the quarter, compared to analyst estimates of $456.30 million. Allete had a return on equity of 6.05% and a net margin of 12.10%. The business's revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 earnings per share.

Allete Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders 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 annualized dividend and a dividend yield of 4.45%. Allete's dividend payout ratio is currently 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.

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