AQR Capital Management LLC Has $34.43 Million Stock Holdings in Allete, Inc. $ALE

AQR Capital Management LLC lifted its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 28.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 524,047 shares of the utilities provider's stock after purchasing an additional 117,133 shares during the quarter. AQR Capital Management LLC owned 0.90% of Allete worth $34,430,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ALE. Mercer Global Advisors Inc. ADV bought a new position in shares of Allete during the fourth quarter worth approximately $715,000. Ameriprise Financial Inc. increased its holdings in shares of Allete by 2.4% during the fourth quarter. Ameriprise Financial Inc. now owns 92,130 shares of the utilities provider's stock worth $5,970,000 after purchasing an additional 2,168 shares during the period. Bank of America Corp DE increased its holdings in shares of Allete by 65.4% during the fourth quarter. Bank of America Corp DE now owns 210,466 shares of the utilities provider's stock worth $13,638,000 after purchasing an additional 83,233 shares during the period. Captrust Financial Advisors increased its holdings in shares of Allete by 1.0% during the fourth quarter. Captrust Financial Advisors now owns 47,822 shares of the utilities provider's stock worth $3,099,000 after purchasing an additional 481 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Allete by 3.1% during the 4th quarter. Cetera Investment Advisers now owns 18,363 shares of the utilities provider's stock worth $1,190,000 after acquiring an additional 556 shares in the last quarter. 76.55% of the stock is owned by institutional investors.

Allete Price Performance

Shares of NYSE ALE traded down $0.30 during trading hours on Thursday, hitting $63.48. 343,785 shares of the stock were exchanged, compared to its average volume of 437,007. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market cap of $3.68 billion, a PE ratio of 20.03 and a beta of 0.84. The company's fifty day simple moving average is $65.12 and its two-hundred day simple moving average is $65.10. Allete, Inc. has a 1-year low of $63.05 and a 1-year high of $66.46.

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

Allete Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.73 per share. The ex-dividend date was Friday, August 15th. This represents a $2.92 annualized dividend and a dividend yield of 4.6%. Allete's dividend payout ratio (DPR) is currently 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.