Allete, Inc. $ALE Shares Bought by Inspire Investing LLC

Key Points

• Inspire Investing LLC increased its stake in Allete, Inc. by 88.8% in Q2, holding 10,309 shares valued at $660,000.
• Allete reported a missed earnings estimate for the quarter with earnings per share of $0.61, falling short of the $0.85 forecast and showing revenue of $360.30 million.
• The company recently declared a quarterly dividend of $0.73 per share, leading to an annual yield of 4.3%, and has a payout ratio of 92.11%.

Inspire Investing LLC grew its position in Allete, Inc. (NYSE:ALE - Free Report) by 88.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,309 shares of the utilities provider's stock after acquiring an additional 4,850 shares during the quarter. Inspire Investing LLC's holdings in Allete were worth $660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in ALE. UMB Bank n.a. increased its holdings in shares of Allete by 78.0% in the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 234 shares during the last quarter. Costello Asset Management INC bought a new stake in shares of Allete in the 1st quarter valued at approximately $35,000. Hexagon Capital Partners LLC increased its holdings in shares of Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 182 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider's stock valued at $40,000 after acquiring an additional 553 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Allete in the 1st quarter valued at approximately $47,000. 76.55% of the stock is currently owned by institutional investors.

Allete Stock Performance

NYSE:ALE opened at $67.30 on Monday. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $67.44. The firm has a market capitalization of $3.91 billion, a P/E ratio of 21.23 and a beta of 0.83. 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 has a 50 day simple moving average of $64.98 and a 200 day simple moving average of $65.08.

Allete (NYSE:ALE - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $425.30 million. During the same quarter last year, the firm posted $0.82 EPS. The company's revenue was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, August 15th. Allete's payout ratio is 92.11%.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Allete in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold".

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.

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