GAMMA Investing LLC Grows Stock Holdings in ALLETE, Inc. (NYSE:ALE)

GAMMA Investing LLC boosted its holdings in ALLETE, Inc. (NYSE:ALE) by 7,468.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,560 shares of the utilities provider’s stock after buying an additional 118,967 shares during the period. GAMMA Investing LLC owned approximately 0.21% of ALLETE worth $7,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ALE. Jones Financial Companies Lllp grew its position in shares of ALLETE by 30.9% during the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 172 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in ALLETE in the fourth quarter worth $72,000. Headlands Technologies LLC bought a new position in shares of ALLETE during the fourth quarter valued at about $73,000. Versant Capital Management Inc raised its stake in shares of ALLETE by 309.4% during the first quarter. Versant Capital Management Inc now owns 1,175 shares of the utilities provider’s stock valued at $77,000 after acquiring an additional 888 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of ALLETE by 13.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider’s stock valued at $88,000 after acquiring an additional 164 shares during the last quarter. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

ALLETE Price Performance

Shares of NYSE ALE opened at $65.25 on Monday. ALLETE, Inc. has a 1 year low of $61.51 and a 1 year high of $65.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69. The company’s 50-day moving average is $65.13 and its 200 day moving average is $65.20. The stock has a market capitalization of $3.78 billion, a P/E ratio of 21.05 and a beta of 0.80.

ALLETE (NYSE:ALE) last announced its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $400.20 million for the quarter, compared to analysts’ expectations of $456.30 million. ALLETE had a net margin of 11.72% and a return on equity of 5.97%. The business’s revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share.

ALLETE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date was Thursday, May 15th. ALLETE’s dividend payout ratio (DPR) 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.