Allete, Inc. $ALE is AQR Arbitrage LLC's 8th Largest Position

Key Points

• AQR Arbitrage LLC increased its holdings in Allete, Inc. by 39.7% in the 1st quarter, now owning approximately 1.18 million shares valued at $77.77 million.
• Allete reported earnings of $0.61 per share, missing the consensus estimate of $0.85, and its quarterly revenue was $360.3 million, below analyst expectations of $425.3 million.
• The company declared a quarterly dividend of $0.73 per share, reflecting a 4.6% dividend yield and a payout ratio of 92.11%.

AQR Arbitrage LLC boosted its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 39.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,183,682 shares of the utilities provider's stock after purchasing an additional 336,210 shares during the quarter. Allete comprises about 1.8% of AQR Arbitrage LLC's holdings, making the stock its 8th biggest holding. AQR Arbitrage LLC owned 2.04% of Allete worth $77,768,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Northern Trust Corp lifted 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 valued at $49,172,000 after acquiring an additional 93,810 shares during the period. AQR Capital Management LLC lifted its stake in Allete by 28.8% during the 1st quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider's stock valued at $34,430,000 after acquiring an additional 117,133 shares during the period. Nuveen LLC bought a new position in Allete during the 1st quarter valued at about $29,913,000. Alpine Associates Management Inc. lifted 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 valued at $27,387,000 after acquiring an additional 33,000 shares during the period. Finally, Neuberger Berman Group LLC lifted 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 valued at $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

ALE traded down $0.19 during midday trading on Monday, hitting $63.46. 127,678 shares of the company traded hands, compared to its average volume of 436,775. The company's 50-day moving average is $65.18 and its 200 day moving average is $65.14. Allete, Inc. has a 52 week low of $63.24 and a 52 week high of $66.46. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.68 billion, a PE ratio of 20.02 and a beta of 0.84.

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

Allete Announces Dividend

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