Gabelli Funds LLC Sells 22,170 Shares of Allete, Inc. $ALE

Key Points

• Gabelli Funds LLC reduced its holdings in Allete, Inc. by 6.4%, selling 22,170 shares and owning approximately $21.3 million worth of the stock as of the end of the most recent quarter.
• Allete reported earnings of $0.61 per share, missing the consensus estimate of $0.85, and revenue of $360.3 million, falling short of expectations of $425.3 million.
• The company declared a quarterly dividend of $0.73 per share, which will be paid on September 1st, representing an annualized yield of 4.5%.

Gabelli Funds LLC trimmed its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 324,519 shares of the utilities provider's stock after selling 22,170 shares during the quarter. Gabelli Funds LLC owned approximately 0.56% of Allete worth $21,321,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ALE. Nuveen LLC bought a new stake in Allete during the first quarter valued at approximately $29,913,000. Fort Baker Capital Management LP purchased a new stake in shares of Allete in the fourth quarter worth $17,301,000. Alberta Investment Management Corp raised its position in shares of Allete by 784.6% during the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock valued at $18,541,000 after purchasing an additional 250,302 shares during the period. AQR Arbitrage LLC lifted its stake in shares of Allete by 30.4% during the 4th quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock valued at $54,781,000 after buying an additional 197,340 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Allete by 627.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 165,730 shares of the utilities provider's stock valued at $10,739,000 after buying an additional 142,957 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

Allete Trading Up 0.2%

Shares of Allete stock opened at $64.63 on Wednesday. The company has a fifty day moving average of $65.17 and a 200 day moving average of $65.24. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The company has a market capitalization of $3.75 billion, a P/E ratio of 20.39 and a beta of 0.77. 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.24). The business had revenue of $360.30 million for the quarter, compared to analysts' expectations of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The business's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.82 EPS.

Allete Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, August 15th. Allete's dividend payout ratio is presently 92.11%.

About Allete

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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