40,567 Shares in Allete, Inc. $ALE Purchased by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH acquired 40,567 shares of Allete, Inc. valued at approximately $2,599,000, increasing its ownership to about 0.07% of the company.
• Allete reported earnings per share (EPS) of $0.61 for the quarter, missing consensus estimates of $0.85.
• The company has a market cap of $3.91 billion, with a P/E ratio of 21.25, and debt-to-equity ratio of 0.57.

Allianz Asset Management GmbH purchased a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 40,567 shares of the utilities provider's stock, valued at approximately $2,599,000. Allianz Asset Management GmbH owned about 0.07% of Allete at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. AQR Arbitrage LLC raised its stake in Allete by 39.7% during the first quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider's stock worth $77,768,000 after purchasing an additional 336,210 shares during the period. AQR Capital Management LLC raised its stake in Allete by 28.8% during the first quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider's stock worth $34,430,000 after purchasing an additional 117,133 shares during the period. Alliancebernstein L.P. raised its stake in Allete by 28.7% during the first quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider's stock worth $31,124,000 after purchasing an additional 105,611 shares during the period. Nuveen LLC purchased a new position in Allete during the first quarter worth about $29,913,000. Finally, Alpine Associates Management Inc. raised its stake in Allete by 8.6% during the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after purchasing an additional 33,000 shares during the period. 76.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Allete in a research note on Friday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold".

Allete Stock Performance

Shares of ALE stock opened at $67.38 on Friday. The firm's 50 day moving average price is $65.31 and its 200-day moving average price is $65.23. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34. Allete, Inc. has a one year low of $62.38 and a one year high of $67.49. The firm has a market cap of $3.91 billion, a P/E ratio of 21.25 and a beta of 0.83.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.24). Allete had a return on equity of 5.71% and a net margin of 11.98%.The firm had revenue of $360.30 million for the quarter, compared to analysts' expectations of $425.30 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. The company's quarterly revenue was up 1.6% on a year-over-year basis.

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.

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