Cubist Systematic Strategies LLC Makes New $2.35 Million Investment 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 purchased a new stake in Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 35,824 shares of the utilities provider's stock, valued at approximately $2,354,000. Cubist Systematic Strategies LLC owned approximately 0.06% of Allete as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Allete during the fourth quarter worth $715,000. Ameriprise Financial Inc. increased its holdings in Allete by 2.4% during the 4th 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 in the last quarter. Bank of America Corp DE raised its stake in shares of Allete by 65.4% in the 4th quarter. Bank of America Corp DE now owns 210,466 shares of the utilities provider's stock valued at $13,638,000 after purchasing an additional 83,233 shares during the period. Captrust Financial Advisors lifted its holdings in shares of Allete by 1.0% in the fourth quarter. Captrust Financial Advisors now owns 47,822 shares of the utilities provider's stock valued at $3,099,000 after purchasing an additional 481 shares in the last quarter. Finally, Brevan Howard Capital Management LP boosted its position in shares of 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 during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Down 0.1%

NYSE:ALE opened at $63.64 on Friday. The stock has a 50-day simple moving average of $65.18 and a 200 day simple moving average of $65.14. Allete, Inc. has a 52-week low of $63.24 and a 52-week high of $66.46. The company has a market cap of $3.69 billion, a PE ratio of 20.07 and a beta of 0.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34.

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

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a $0.73 dividend. 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 (DPR) is 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.

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