Envestnet Portfolio Solutions Inc. Invests $522,000 in Allete, Inc. $ALE

Key Points

• Envestnet Portfolio Solutions Inc. has invested approximately $522,000 in Allete, Inc., acquiring 8,142 shares during the second quarter.
• Allete reported earnings per share of $0.61 for the most recent quarter, missing analysts' estimates of $0.85.
• The company recently declared a quarterly dividend of $0.73, yielding 4.3%, with a payout ratio of 92.11%.

Envestnet Portfolio Solutions Inc. acquired a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,142 shares of the utilities provider's stock, valued at approximately $522,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALE. Costello Asset Management INC bought a new stake in shares of Allete during the 1st quarter worth approximately $35,000. Hexagon Capital Partners LLC raised its stake in shares of Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after purchasing an additional 182 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Allete by 3,456.3% during the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider's stock worth $40,000 after purchasing an additional 553 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Allete during the 1st quarter worth approximately $47,000. Finally, MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Allete during the 1st quarter worth approximately $91,000. Institutional investors own 76.55% of the company's stock.

Allete Stock Down 0.0%

ALE opened at $67.38 on Wednesday. Allete, Inc. has a 1-year low of $62.38 and a 1-year high of $67.49. The stock's fifty day simple moving average is $65.20 and its 200 day simple moving average is $65.17. 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 stock has a market cap of $3.91 billion, a PE ratio of 21.26 and a beta of 0.83.

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

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Friday, August 15th. Allete's dividend payout ratio is currently 92.11%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "hold (c+)" rating on shares of Allete in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold".

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.

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