Entropy Technologies LP Takes Position in Allete, Inc. $ALE

Key Points

• Entropy Technologies LP acquired 6,997 shares of Allete, Inc., valued at approximately $460,000, during the first quarter.
• Allete reported EPS of $0.61 for the last quarter, missing analysts' expectations of $0.85, with revenue of $360.30 million compared to a forecast of $425.30 million.
• The company announced a dividend of $0.73 per share, resulting in an annual yield of 4.4%, with a payout ratio of 92.11%.

Entropy Technologies LP purchased a new stake in shares of Allete, Inc. (NYSE:ALE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,997 shares of the utilities provider's stock, valued at approximately $460,000.

Several other large investors have also recently added to or reduced their stakes in the stock. AQR Arbitrage LLC increased its position in Allete by 30.4% in the fourth quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock worth $54,781,000 after buying an additional 197,340 shares during the period. Northern Trust Corp increased its position in 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 buying an additional 93,810 shares during the period. Alpine Associates Management Inc. increased its position in Allete by 8.6% in the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after buying an additional 33,000 shares during the period. Invesco Ltd. increased its position in Allete by 13.3% in the first quarter. Invesco Ltd. now owns 375,698 shares of the utilities provider's stock worth $24,683,000 after buying an additional 44,226 shares during the period. Finally, Alberta Investment Management Corp increased its position in Allete by 784.6% in the first quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock worth $18,541,000 after buying an additional 250,302 shares during the period. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Stock Performance

NYSE ALE traded down $0.06 during trading hours on Monday, hitting $64.92. The company had a trading volume of 112,749 shares, compared to its average volume of 422,598. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $65.22 and a 200-day simple moving average of $65.29. The firm has a market cap of $3.77 billion, a P/E ratio of 20.49 and a beta of 0.77.

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

Allete Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, August 15th. Allete's dividend payout ratio (DPR) is 92.11%.

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.