Alpine Associates Management Inc. Has $27.39 Million Holdings in Allete, Inc. (NYSE:ALE)

Alpine Associates Management Inc. raised its position in Allete, Inc. (NYSE:ALE) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 416,847 shares of the utilities provider’s stock after buying an additional 33,000 shares during the period. Allete accounts for about 1.4% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 23rd biggest position. Alpine Associates Management Inc. owned 0.72% of Allete worth $27,387,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALE. LPL Financial LLC boosted its position in Allete by 40.3% in the fourth quarter. LPL Financial LLC now owns 22,159 shares of the utilities provider’s stock valued at $1,436,000 after buying an additional 6,367 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Allete by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,365,190 shares of the utilities provider’s stock worth $412,464,000 after purchasing an additional 20,624 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Allete by 16.5% during the fourth quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider’s stock worth $22,818,000 after purchasing an additional 49,993 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Allete by 84.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 5,807 shares of the utilities provider’s stock worth $376,000 after purchasing an additional 2,651 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Allete by 3.5% during the fourth quarter. Alliancebernstein L.P. now owns 368,115 shares of the utilities provider’s stock worth $23,854,000 after purchasing an additional 12,353 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Price Performance

Shares of ALE stock opened at $65.67 on Thursday. Allete, Inc. has a 1 year low of $63.00 and a 1 year high of $66.46. The firm’s 50 day moving average is $65.07 and its 200-day moving average is $65.27. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 20.59 and a beta of 0.79. 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) last announced its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. Allete had a net margin of 12.10% and a return on equity of 6.05%. The company had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. During the same period in the prior year, the business earned $0.90 earnings per share. Allete’s quarterly revenue was down .8% on a year-over-year basis.

Allete Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Friday, August 15th. Allete’s dividend payout ratio (DPR) is 91.54%.

Allete 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.