Cannon Global Investment Management LLC Invests $591,000 in Allete, Inc. (NYSE:ALE)

Cannon Global Investment Management LLC bought a new stake in shares of Allete, Inc. (NYSE:ALE) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 9,000 shares of the utilities provider’s stock, valued at approximately $591,000. Allete comprises about 1.0% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 20th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake 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 valued at $412,464,000 after buying an additional 20,624 shares during the last quarter. AQR Arbitrage LLC increased its stake in Allete by 30.4% in the 4th quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider’s stock worth $54,781,000 after purchasing an additional 197,340 shares during the period. Highbridge Capital Management LLC bought a new stake in Allete in the fourth quarter valued at approximately $54,592,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Allete by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider’s stock valued at $50,971,000 after purchasing an additional 20,245 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Allete by 14.1% in the fourth quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider’s stock worth $49,172,000 after purchasing an additional 93,810 shares during the last quarter. 76.55% of the stock is owned by institutional investors.

Allete Stock Up 0.1%

Shares of NYSE ALE opened at $64.74 on Thursday. The firm’s fifty day moving average is $64.95 and its 200 day moving average is $65.15. Allete, Inc. has a 52 week low of $61.55 and a 52 week high of $66.40. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 20.29 and a beta of 0.79.

Allete (NYSE:ALE) last announced its quarterly 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. The business 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 company’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS.

Allete Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend was Thursday, May 15th. Allete’s payout ratio 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.