Allete, Inc. $ALE Shares Purchased by Cannon Global Investment Management LLC

Key Points

• Cannon Global Investment Management LLC increased its stake in Allete, Inc. by 152.2%, owning 22,700 shares valued at approximately $1.45 million.
• Allete's recent quarterly earnings report revealed an EPS of $0.61, which fell short of the consensus estimate of $0.85, alongside a revenue of $360.3 million.
• The company announced a quarterly dividend of $0.73, reflecting an annual yield of 4.3%, with a payout ratio of 92.11%.

Cannon Global Investment Management LLC boosted its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 152.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,700 shares of the utilities provider's stock after acquiring an additional 13,700 shares during the period. Allete accounts for 3.0% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 4th biggest holding. Cannon Global Investment Management LLC's holdings in Allete were worth $1,454,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALE. Nuveen LLC acquired a new position in Allete during the 1st quarter worth $29,913,000. AQR Arbitrage LLC lifted its position in Allete by 39.7% during the 1st quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider's stock worth $77,768,000 after acquiring an additional 336,210 shares during the last quarter. Alberta Investment Management Corp lifted its position in Allete by 784.6% during the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock worth $18,541,000 after acquiring an additional 250,302 shares during the last quarter. Credit Industriel ET Commercial bought a new position in shares of Allete during the 2nd quarter worth about $10,182,000. Finally, Absolute Gestao de Investimentos Ltda. increased its holdings in shares of 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 purchasing an additional 134,578 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Allete in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold".

Allete Stock Performance

NYSE:ALE opened at $67.31 on Friday. The firm's 50-day moving average is $65.14 and its 200-day moving average is $65.15. Allete, Inc. has a 52-week low of $62.38 and a 52-week high of $67.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 21.23 and a beta of 0.83.

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

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.3%. 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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