Allete, Inc. $ALE is Absolute Gestao de Investimentos Ltda.'s 3rd Largest Position

Key Points

• Absolute Gestao de Investimentos Ltda. raised its holdings in Allete, Inc. by 52.9%, making the stock its 3rd largest holding, with a total of 388,753 shares owned.
• Allete's recent quarterly earnings report showed an earnings per share of $0.61, missing the consensus estimate by ($0.24) and highlighting a revenue of $360.30 million for the quarter.
• The company announced a quarterly dividend of $0.73 per share, resulting in an annualized yield of 4.5%, with a significant payout ratio of 92.11%.

Absolute Gestao de Investimentos Ltda. increased its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 52.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 388,753 shares of the utilities provider's stock after buying an additional 134,578 shares during the period. Allete comprises about 10.8% of Absolute Gestao de Investimentos Ltda.'s portfolio, making the stock its 3rd biggest position. Absolute Gestao de Investimentos Ltda. owned 0.67% of Allete worth $25,541,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ALE. Envestnet Asset Management Inc. increased its stake in shares of Allete by 7.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 28,917 shares of the utilities provider's stock worth $1,874,000 after buying an additional 1,902 shares during the period. Bank of Montreal Can increased its stake in shares of Allete by 13.0% during the fourth quarter. Bank of Montreal Can now owns 11,173 shares of the utilities provider's stock worth $724,000 after buying an additional 1,289 shares during the period. Invesco Ltd. increased its stake in shares of Allete by 14.2% during the fourth quarter. Invesco Ltd. now owns 331,472 shares of the utilities provider's stock worth $21,479,000 after buying an additional 41,315 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Allete during the fourth quarter worth approximately $3,522,000. Finally, Barclays PLC increased its stake in shares of Allete by 43.3% during the fourth quarter. Barclays PLC now owns 143,421 shares of the utilities provider's stock worth $9,293,000 after buying an additional 43,342 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Stock Up 0.1%

Shares of ALE stock traded up $0.0940 during trading hours on Friday, reaching $64.5940. 463,078 shares of the stock were exchanged, compared to its average volume of 507,856. The firm has a market capitalization of $3.75 billion, a P/E ratio of 20.38 and a beta of 0.77. Allete, Inc. has a 12-month low of $63.00 and a 12-month high of $66.46. 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 business's fifty day moving average is $65.17 and its two-hundred day moving average is $65.26.

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

Allete Dividend Announcement

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