Cubist Systematic Strategies LLC Takes Position in Allete, Inc. $ALE

Key Points

• Cubist Systematic Strategies LLC has invested approximately $2.35 million in Allete, Inc., acquiring 35,824 shares of the utility provider during the first quarter.
• Allete recently reported an earnings miss, with an EPS of $0.61, falling short of the consensus estimate of $0.85 and experiencing a slight revenue increase of 1.6% year-over-year.
• The company declared a quarterly dividend of $0.73, resulting in an annualized payout of $2.92, representing a yield of 4.6%.

Cubist Systematic Strategies LLC bought a new stake in Allete, Inc. (NYSE:ALE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,824 shares of the utilities provider's stock, valued at approximately $2,354,000. Cubist Systematic Strategies LLC owned about 0.06% of Allete at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ALE. Mercer Global Advisors Inc. ADV acquired a new position in shares of Allete in the fourth quarter valued at approximately $715,000. Ameriprise Financial Inc. grew its position in 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 buying an additional 2,168 shares in the last quarter. Bank of America Corp DE grew its position in 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 buying an additional 83,233 shares in the last quarter. Captrust Financial Advisors grew its position in 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 buying an additional 481 shares in the last quarter. Finally, Brevan Howard Capital Management LP grew its position in Allete by 59.4% during the fourth quarter. Brevan Howard Capital Management LP now owns 8,373 shares of the utilities provider's stock worth $543,000 after buying an additional 3,119 shares in the last quarter. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Price Performance

NYSE:ALE traded down $0.18 during trading hours on Friday, reaching $63.30. 413,858 shares of the company were exchanged, compared to its average volume of 550,639. The company has a market capitalization of $3.67 billion, a P/E ratio of 19.97 and a beta of 0.84. Allete, Inc. has a 1-year low of $63.05 and a 1-year high of $66.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The business has a 50 day moving average of $65.05 and a 200 day moving average of $65.07.

Allete (NYSE:ALE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). The company 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 company's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS.

Allete Dividend Announcement

The business 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 of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.6%. Allete's dividend payout ratio 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.