Tabor Asset Management LP Takes $1.77 Million Position in Allete, Inc. (NYSE:ALE)

Tabor Asset Management LP acquired a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 26,876 shares of the utilities provider's stock, valued at approximately $1,766,000.

A number of other institutional investors have also made changes to their positions in the stock. UMB Bank n.a. lifted its stake in Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after acquiring an additional 234 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in Allete by 44.5% in the 1st 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 in the 1st quarter valued at $49,000. Sound Income Strategies LLC grew its stake in shares of Allete by 646.7% during the 1st quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock worth $60,000 after purchasing an additional 789 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Allete during the 4th quarter worth $72,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Price Performance

NYSE ALE traded down $0.01 during trading hours on Friday, reaching $65.65. The company's stock had a trading volume of 127,566 shares, compared to its average volume of 355,460. The stock has a market cap of $3.81 billion, a PE ratio of 20.58 and a beta of 0.79. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The company's 50-day moving average is $64.98 and its two-hundred day moving average is $65.22. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26.

Allete (NYSE:ALE - Get Free Report) last released its 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 company had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. Allete had a net margin of 12.10% and a return on equity of 6.05%. The firm's quarterly revenue was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS.

Allete Announces Dividend

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 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend was Thursday, May 15th. Allete's dividend payout ratio (DPR) 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.

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