Energy Income Partners LLC Has $7.32 Million Holdings in Allete, Inc. $ALE

Key Points

• Energy Income Partners LLC increased its holdings in Allete, Inc. by 5.2%, acquiring an additional 5,485 shares during the first quarter, now owning approximately 0.19% of Allete valued at $7.3 million.
• Allete reported a Q2 EPS of $0.61, which fell short of analysts' expectations of $0.85, with revenue also below projections at $360.30 million.
• The company announced a quarterly dividend of $0.73, yielding 4.6%, with a dividend payout ratio of 92.11% as it prepares for payment on September 1st.

Energy Income Partners LLC grew its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,359 shares of the utilities provider's stock after purchasing an additional 5,485 shares during the quarter. Energy Income Partners LLC owned approximately 0.19% of Allete worth $7,316,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ALE. Price T Rowe Associates Inc. MD boosted its stake in shares of Allete by 11.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 41,132 shares of the utilities provider's stock valued at $2,666,000 after purchasing an additional 4,069 shares during the last quarter. Northern Trust Corp boosted its stake in Allete by 14.1% during the 4th quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider's stock worth $49,172,000 after acquiring an additional 93,810 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Allete during the 4th quarter worth approximately $715,000. Aequim Alternative Investments LP bought a new position in Allete during the 4th quarter worth approximately $1,716,000. Finally, Absolute Gestao de Investimentos Ltda. boosted its stake in Allete by 76.3% during the 4th quarter. Absolute Gestao de Investimentos Ltda. now owns 254,175 shares of the utilities provider's stock worth $16,471,000 after acquiring an additional 110,000 shares during the last quarter. Institutional investors own 76.55% of the company's stock.

Allete Trading Up 0.3%

Allete stock traded up $0.21 during midday trading on Thursday, hitting $63.69. 358,079 shares of the stock were exchanged, compared to its average volume of 437,359. The company has a fifty day simple moving average of $65.19 and a two-hundred day simple moving average of $65.17. Allete, Inc. has a 52 week low of $63.24 and a 52 week high of $66.46. The stock has a market capitalization of $3.70 billion, a PE ratio of 20.09 and a beta of 0.84. 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 (NYSE:ALE - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $425.30 million. During the same period in the previous year, the business earned $0.82 EPS. The firm'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 was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, August 15th. Allete's dividend payout ratio (DPR) is 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.