Allete, Inc. $ALE Shares Acquired by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its holdings in Allete, Inc. by 398.6%, acquiring an additional 22,687 shares and bringing its total to 28,378 shares worth approximately $1.86 million.
• Allete reported a quarterly EPS of $0.61, falling short of analysts' expectations of $0.85, despite a year-over-year revenue increase of 1.6%.
• The company announced a quarterly dividend of $0.73 per share, resulting in an annualized dividend of $2.92 and a yield of 4.5%.

AlphaQuest LLC lifted its position in Allete, Inc. (NYSE:ALE - Free Report) by 398.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,378 shares of the utilities provider's stock after purchasing an additional 22,687 shares during the quarter. AlphaQuest LLC's holdings in Allete were worth $1,864,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ALE. UMB Bank n.a. boosted its holdings in shares of Allete by 78.0% in the first 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 period. Costello Asset Management INC acquired a new stake in Allete during the 1st quarter worth $35,000. Hexagon Capital Partners LLC grew 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 purchasing an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Allete in the first quarter valued at $47,000. Finally, Cherry Tree Wealth Management LLC purchased a new stake in shares of Allete in the first quarter valued at about $49,000. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Performance

Shares of ALE traded down $0.32 during mid-day trading on Wednesday, hitting $64.28. 874,428 shares of the company's stock were exchanged, compared to its average volume of 428,477. The business's 50 day moving average is $65.17 and its two-hundred day moving average is $65.24. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.73 billion, a P/E ratio of 20.28 and a beta of 0.77. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46.

Allete (NYSE:ALE - Get Free Report) last released its 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 net margin of 11.98% and a return on equity of 5.71%. The company had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. During the same period in the previous year, the firm posted $0.82 EPS. The company's revenue for the quarter was up 1.6% on a year-over-year basis.

Allete Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be paid 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 4.5%. Allete's dividend payout ratio is 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.