GABELLI & Co INVESTMENT ADVISERS INC. Buys 32,250 Shares of Allete, Inc. $ALE

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. increased its holdings in Allete, Inc. (NYSE: ALE) by 15.7%, owning 237,750 shares worth approximately $15.6 million, making it the firm’s 11th largest investment.
• Allete reported earnings per share of $0.61 for the last quarter, missing the consensus estimate by $0.24, with a revenue of $360.3 million, which was below analysts' expectations.
• The company announced a $0.73 quarterly dividend to be paid on September 1st, representing an annualized dividend yield of 4.5% and a high payout ratio of 92.11%.

GABELLI & Co INVESTMENT ADVISERS INC. lifted its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 15.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 237,750 shares of the utilities provider's stock after purchasing an additional 32,250 shares during the period. Allete comprises approximately 2.4% of GABELLI & Co INVESTMENT ADVISERS INC.'s holdings, making the stock its 11th biggest position. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.41% of Allete worth $15,620,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Arbitrage LLC raised its stake in Allete by 30.4% during the 4th quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock worth $54,781,000 after acquiring an additional 197,340 shares during the period. Northern Trust Corp raised its stake in Allete by 14.1% during the 4th quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider's stock worth $49,172,000 after acquiring an additional 93,810 shares during the period. Nuveen LLC bought a new stake in Allete during the 1st quarter worth approximately $29,913,000. Alpine Associates Management Inc. raised its stake in Allete by 8.6% during the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after acquiring an additional 33,000 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in Allete by 0.8% during the 1st quarter. Neuberger Berman Group LLC now owns 401,940 shares of the utilities provider's stock worth $26,409,000 after acquiring an additional 3,267 shares during the period. Institutional investors own 76.55% of the company's stock.

Allete Stock Performance

NYSE ALE traded down $0.18 on Thursday, reaching $64.15. 787,917 shares of the stock were exchanged, compared to its average volume of 566,597. Allete, Inc. has a one year low of $63.00 and a one year high of $66.46. The firm has a market capitalization of $3.72 billion, a PE ratio of 20.24 and a beta of 0.77. The company's 50-day simple moving average is $65.18 and its two-hundred day simple moving average is $65.22. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE - Get Free Report) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.61 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 firm had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same quarter in the previous year, the business posted $0.82 EPS. Allete's revenue was up 1.6% on a year-over-year basis.

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 paid 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 yield of 4.6%. Allete's dividend payout ratio (DPR) is presently 92.11%.

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.