Harbor Capital Advisors Inc. Has $2.47 Million Stake in Allete, Inc. $ALE

Key Points

• Harbor Capital Advisors Inc. reduced its holdings in Allete, Inc. by 9.2%, selling 3,907 shares during the second quarter, leaving them with approximately $2.47 million worth of stock.
• Allete's earnings per share for the last quarter were reported at $0.61, missing expectations by $0.24, while revenue was $360.30 million, falling short of the consensus estimate.
• The company announced a $0.73 quarterly dividend, representing a 4.6% yield, with a dividend payout ratio of 92.11%.

Harbor Capital Advisors Inc. lessened its stake in Allete, Inc. (NYSE:ALE - Free Report) by 9.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,553 shares of the utilities provider's stock after selling 3,907 shares during the period. Harbor Capital Advisors Inc. owned about 0.07% of Allete worth $2,470,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. AQR Arbitrage LLC lifted its stake in shares of Allete by 39.7% in the first quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider's stock valued at $77,768,000 after buying an additional 336,210 shares during the period. AQR Capital Management LLC raised its position in Allete by 28.8% in the first quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider's stock worth $34,430,000 after purchasing an additional 117,133 shares in the last quarter. Alliancebernstein L.P. raised its position in Allete by 28.7% in the first quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider's stock worth $31,124,000 after purchasing an additional 105,611 shares in the last quarter. Nuveen LLC acquired a new position in Allete in the first quarter worth about $29,913,000. Finally, Alpine Associates Management Inc. raised its position in Allete by 8.6% in the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after purchasing an additional 33,000 shares in the last quarter. Institutional investors own 76.55% of the company's stock.

Allete Price Performance

NYSE:ALE traded down $0.10 during mid-day trading on Friday, hitting $63.99. The company's stock had a trading volume of 1,096,169 shares, compared to its average volume of 584,233. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 20.19 and a beta of 0.84. The stock has a fifty day moving average of $64.89 and a 200-day moving average of $65.00. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. Allete, Inc. has a fifty-two week low of $62.38 and a fifty-two week high of $66.46.

Allete (NYSE:ALE - Get Free Report) last posted 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). The firm 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 business's quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.82 EPS.

Allete Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 15th. Allete's dividend payout ratio 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.