Harbour Investments Inc. Increases Stock Position in Allete, Inc. (NYSE:ALE)

Harbour Investments Inc. lifted its holdings in Allete, Inc. (NYSE:ALE) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,105 shares of the utilities provider’s stock after buying an additional 543 shares during the quarter. Harbour Investments Inc.’s holdings in Allete were worth $992,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC boosted its holdings in Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider’s stock worth $88,000 after acquiring an additional 164 shares in the last quarter. Hexagon Capital Partners LLC raised its position in shares of Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 182 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Allete by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider’s stock worth $445,000 after purchasing an additional 185 shares in the last quarter. State of Michigan Retirement System grew its position in Allete by 1.5% during the 1st quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider’s stock valued at $910,000 after purchasing an additional 200 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in Allete by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider’s stock valued at $1,064,000 after purchasing an additional 200 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors.

Allete Stock Down 0.1%

Shares of Allete stock opened at $65.85 on Friday. The company has a 50-day simple moving average of $65.11 and a two-hundred day simple moving average of $65.28. The stock has a market capitalization of $3.82 billion, a PE ratio of 20.64 and a beta of 0.77. Allete, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46. 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) 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 company had revenue of $400.20 million during the quarter, compared to the consensus estimate of $456.30 million. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was down .8% compared to the same quarter last year.

Allete Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be paid a $0.73 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.4%. Allete’s payout ratio is currently 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.