ABC Arbitrage SA Has $5.47 Million Stock Position in Allete, Inc. (NYSE:ALE)

Key Points

• ABC Arbitrage SA increased its holdings in Allete, Inc. by 68.5% in Q1, owning a total of 83,253 shares valued at $5.47 million, making it the company's 20th largest holding.
• Allete's recent quarterly earnings report showed an EPS of $1.01, meeting analyst expectations, but its revenue of $400.20 million was below the consensus estimate of $456.30 million.
• The company announced a quarterly dividend of $0.73 per share, which will be paid on September 1st, offering an annualized yield of 4.4%.

ABC Arbitrage SA boosted its stake in Allete, Inc. (NYSE:ALE - Free Report) by 68.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,253 shares of the utilities provider's stock after buying an additional 33,849 shares during the period. Allete accounts for approximately 1.0% of ABC Arbitrage SA's investment portfolio, making the stock its 20th largest holding. ABC Arbitrage SA owned 0.14% of Allete worth $5,470,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ALE. LPL Financial LLC increased its stake in Allete by 40.3% during the 4th quarter. LPL Financial LLC now owns 22,159 shares of the utilities provider's stock valued at $1,436,000 after buying an additional 6,367 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Allete by 16.5% in the 4th quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider's stock worth $22,818,000 after buying an additional 49,993 shares in the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Allete by 84.0% in the fourth quarter. Orion Portfolio Solutions LLC now owns 5,807 shares of the utilities provider's stock valued at $376,000 after buying an additional 2,651 shares during the period. Alliancebernstein L.P. grew its holdings in Allete by 3.5% during the fourth quarter. Alliancebernstein L.P. now owns 368,115 shares of the utilities provider's stock worth $23,854,000 after acquiring an additional 12,353 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Allete in the 4th quarter valued at about $73,000. 76.55% of the stock is currently owned by institutional investors.

Allete Price Performance

Shares of ALE traded down $0.25 during mid-day trading on Thursday, hitting $65.61. The company's stock had a trading volume of 787,086 shares, compared to its average volume of 683,601. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81. The firm has a 50-day moving average price of $65.17 and a 200 day moving average price of $65.29. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 20.57 and a beta of 0.77.

Allete (NYSE:ALE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). The company had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. Allete had a net margin of 12.10% and a return on equity of 6.05%. Allete's revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the company posted $0.82 EPS.

Allete Dividend Announcement

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