Kapitalo Investimentos Ltda Acquires 97,528 Shares of Allete, Inc. (NYSE:ALE)

Key Points

• Kapitalo Investimentos Ltda increased its stake in Allete, Inc. by 72.3%, now holding approximately $15.27 million worth of shares, making it the firm's 12th largest investment.
• Several institutional investors, including UMB Bank n.a. and Sound Income Strategies LLC, also significantly increased their holdings in Allete during the first quarter, reflecting growing confidence in the company.
• Allete announced a quarterly dividend of $0.73 per share, with a current dividend yield of 4.43%, indicating strong cash flow and commitment to returning value to shareholders.

Kapitalo Investimentos Ltda raised its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 72.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 232,417 shares of the utilities provider's stock after buying an additional 97,528 shares during the quarter. Allete comprises 3.1% of Kapitalo Investimentos Ltda's portfolio, making the stock its 12th biggest position. Kapitalo Investimentos Ltda owned 0.40% of Allete worth $15,270,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. UMB Bank n.a. boosted its position in Allete by 78.0% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after acquiring an additional 234 shares during the last quarter. Hexagon Capital Partners LLC increased its position in Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after buying an additional 182 shares during the period. Cherry Tree Wealth Management LLC acquired a new stake in shares of Allete during the 1st quarter worth $49,000. Sound Income Strategies LLC boosted its stake in shares of Allete by 646.7% during the first quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 789 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Allete during the fourth quarter valued at about $72,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Trading Up 0.1%

ALE stock traded up $0.04 during mid-day trading on Wednesday, reaching $65.91. The company's stock had a trading volume of 47,382 shares, compared to its average volume of 408,352. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. Allete, Inc. has a 12 month low of $63.00 and a 12 month high of $66.46. The business's 50 day moving average price is $65.06 and its 200 day moving average price is $65.27. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 20.66 and a beta of 0.79.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. Allete had a return on equity of 6.05% and a net margin of 12.10%. The company had revenue of $400.20 million for the quarter, compared to analysts' expectations of $456.30 million. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Allete's quarterly revenue was down .8% on a year-over-year basis.

Allete Dividend Announcement

The company also recently declared 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 of this dividend is Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.43%. Allete's dividend payout ratio is presently 91.54%.

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.