Citigroup Inc. Has $9.69 Million Stock Position in Allete, Inc. $ALE

Key Points

• Citigroup Inc. increased its holdings in Allete, Inc. by 25.3% in the first quarter, reaching a total of 147,438 shares valued at approximately $9.69 million.
• Despite growth in institutional investor interest, Allete's stock has decreased by 1.2%, currently trading around $64.97.
• Allete announced a quarterly dividend of $0.73, resulting in a 4.5% yield, with a payout ratio of 92.11% as reported following their earnings miss.

Citigroup Inc. increased its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 25.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,438 shares of the utilities provider's stock after purchasing an additional 29,735 shares during the quarter. Citigroup Inc. owned 0.25% of Allete worth $9,687,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC increased its position in shares of Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock worth $88,000 after acquiring an additional 164 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after acquiring an additional 182 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Allete by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock worth $445,000 after acquiring an additional 185 shares in the last quarter. State of Michigan Retirement System increased its position in shares of Allete by 1.5% in the first quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock worth $910,000 after acquiring an additional 200 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Allete by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider's stock worth $1,064,000 after acquiring an additional 200 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

Allete Trading Down 0.1%

Shares of Allete stock traded down $0.0450 during trading on Thursday, hitting $64.5050. The stock had a trading volume of 332,113 shares, compared to its average volume of 505,924. The stock has a 50 day simple moving average of $65.17 and a 200 day simple moving average of $65.26. The company has a market capitalization of $3.74 billion, a PE ratio of 20.35 and a beta of 0.77. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Allete, Inc. has a 1 year low of $63.00 and a 1 year 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 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 firm had revenue of $360.30 million during the quarter, compared to analysts' expectations of $425.30 million. During the same period last year, the business earned $0.82 earnings per share. The business's revenue was up 1.6% on a year-over-year basis.

Allete Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.5%. Allete's payout ratio is presently 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.