Alliancebernstein L.P. Grows Holdings in Allete, Inc. $ALE

Key Points

• Alliancebernstein L.P. increased its holdings in Allete, Inc. by 28.7% in the 1st quarter, owning approximately $31.1 million worth of the company's stock.
• The company reported $0.61 earnings per share for the last quarter, missing analysts' expectations of $0.85 while achieving annual revenue growth of 1.6%.
• Allete announced a quarterly dividend of $0.73 per share, which provides an annual yield of 4.6% and has a payout ratio of 92.11%.

Alliancebernstein L.P. increased its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 28.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 473,726 shares of the utilities provider's stock after purchasing an additional 105,611 shares during the quarter. Alliancebernstein L.P. owned 0.82% of Allete worth $31,124,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALE. Nuveen LLC acquired a new stake in Allete during the 1st quarter worth approximately $29,913,000. AQR Arbitrage LLC boosted its holdings in Allete by 39.7% in 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 period. Alberta Investment Management Corp boosted its holdings in Allete by 784.6% in 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 period. Absolute Gestao de Investimentos Ltda. boosted its holdings in Allete by 52.9% in the 1st quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider's stock worth $25,541,000 after acquiring an additional 134,578 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Allete by 7,468.1% in the 1st quarter. GAMMA Investing LLC now owns 120,560 shares of the utilities provider's stock worth $7,921,000 after acquiring an additional 118,967 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Down 0.3%

NYSE ALE traded down $0.18 on Friday, reaching $63.30. The company had a trading volume of 413,858 shares, compared to its average volume of 550,639. The firm has a market capitalization of $3.67 billion, a PE ratio of 19.97 and a beta of 0.84. Allete, Inc. has a 1 year low of $63.05 and a 1 year high of $66.46. The firm has a 50-day moving average of $65.05 and a 200-day moving average of $65.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates 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 return on equity of 5.71% and a net margin of 11.98%.The firm's revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 EPS.

Allete Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Friday, August 15th. Allete's dividend payout ratio is currently 92.11%.

About Allete

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.