Boston Partners Decreases Stock Holdings in Allete, Inc. $ALE

Key Points

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Boston Partners reduced its position in Allete, Inc. (NYSE:ALE - Free Report) by 82.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,997 shares of the utilities provider's stock after selling 22,931 shares during the quarter. Boston Partners' holdings in Allete were worth $328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. AQR Arbitrage LLC boosted its position in shares of Allete by 30.4% in the fourth quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock worth $54,781,000 after purchasing an additional 197,340 shares during the period. Northern Trust Corp boosted its position in shares of Allete by 14.1% in the fourth quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider's stock worth $49,172,000 after purchasing an additional 93,810 shares during the period. Nuveen LLC bought a new position in shares of Allete in the first quarter worth approximately $29,913,000. Alpine Associates Management Inc. boosted its position in shares of Allete by 8.6% in the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after purchasing an additional 33,000 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Allete by 13.3% during the first quarter. Invesco Ltd. now owns 375,698 shares of the utilities provider's stock worth $24,683,000 after acquiring an additional 44,226 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors.

Allete Price Performance

Shares of NYSE:ALE traded up $0.0940 during midday trading on Friday, reaching $64.5940. 463,078 shares of the company were exchanged, compared to its average volume of 521,523. 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 business's fifty day moving average is $65.17 and its two-hundred day moving average is $65.25. Allete, Inc. has a one year low of $63.00 and a one year high of $66.46. The stock has a market cap of $3.75 billion, a PE ratio of 20.38 and a beta of 0.77.

Allete (NYSE:ALE - Get Free Report) last issued its 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). Allete had a return on equity of 5.71% and a net margin of 11.98%.The company had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same quarter in the prior year, the company posted $0.82 EPS. Allete's revenue was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be given a dividend of $0.73 per share. The ex-dividend date 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 currently 92.11%.

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.