Allete, Inc. $ALE Shares Bought by AQR Capital Management LLC

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

Several other institutional investors and hedge funds have also modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new position in shares of Allete in the 1st quarter valued at about $2,354,000. Energy Income Partners LLC lifted its holdings in Allete by 5.2% in the first quarter. Energy Income Partners LLC now owns 111,359 shares of the utilities provider's stock valued at $7,316,000 after acquiring an additional 5,485 shares during the period. Eisler Capital Management Ltd. acquired a new position in Allete in the first quarter valued at approximately $3,285,000. Ieq Capital LLC lifted its stake in shares of Allete by 218.8% in the 1st quarter. Ieq Capital LLC now owns 17,091 shares of the utilities provider's stock valued at $1,123,000 after purchasing an additional 11,730 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. lifted its stake in shares of Allete by 15.7% in the 1st quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 237,750 shares of the utilities provider's stock valued at $15,620,000 after purchasing an additional 32,250 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Price Performance

Shares of Allete stock traded down $0.06 during trading hours on Friday, reaching $63.43. The stock had a trading volume of 117,853 shares, compared to its average volume of 437,455. The stock's 50 day moving average is $65.09 and its 200 day moving average is $65.09. The firm has a market capitalization of $3.68 billion, a PE ratio of 20.01 and a beta of 0.84. Allete, Inc. has a twelve month low of $63.05 and a twelve month high of $66.46. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

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 business had revenue of $360.30 million during 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 for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 EPS.

Allete Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.6%. Allete's dividend payout ratio is presently 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.