8,174 Shares in Allete, Inc. $ALE Bought by Samalin Investment Counsel LLC

Key Points

• Samalin Investment Counsel LLC has acquired 8,174 shares of Allete, Inc. for approximately $537,000, as noted in its recent 13F SEC filing.
• The company recently announced a quarterly dividend of $0.73 per share, representing a 4.5% yield with a payout ratio of 92.11%.
• Allete's stock has shown a 0.2% increase recently, with a current market cap of $3.75 billion despite missing earnings expectations in its last quarterly report.

Samalin Investment Counsel LLC bought a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 8,174 shares of the utilities provider's stock, valued at approximately $537,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. grew its stake in Allete by 155.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,557 shares of the utilities provider's stock worth $168,000 after buying an additional 1,557 shares during the last quarter. AlphaQuest LLC grew its stake in Allete by 398.6% during the 1st quarter. AlphaQuest LLC now owns 28,378 shares of the utilities provider's stock worth $1,864,000 after buying an additional 22,687 shares during the last quarter. Quantbot Technologies LP purchased a new position in Allete during the 1st quarter worth $1,000,000. Absolute Gestao de Investimentos Ltda. grew its stake in Allete by 52.9% during the 1st quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider's stock worth $25,541,000 after buying an additional 134,578 shares during the last quarter. Finally, Versor Investments LP purchased a new position in Allete during the 1st quarter worth $3,715,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Stock Up 0.2%

Shares of ALE stock opened at $64.63 on Wednesday. Allete, Inc. has a 1-year low of $63.00 and a 1-year high of $66.46. The stock's fifty day moving average price is $65.17 and its 200 day moving average price is $65.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 20.39 and a beta of 0.77.

Allete (NYSE:ALE - Get Free Report) last announced 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). Allete had a return on equity of 5.71% and a net margin of 11.98%.The business had revenue of $360.30 million for the quarter, compared to analysts' expectations of $425.30 million. During the same quarter last year, the firm earned $0.82 earnings per share. The firm's quarterly revenue was up 1.6% compared to the same quarter last year.

Allete Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, August 15th. Allete's payout ratio is presently 92.11%.

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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