Ieq Capital LLC Purchases 11,730 Shares of Allete, Inc. $ALE

Key Points

• Ieq Capital LLC increased its holdings in Allete, Inc. by 218.8% in the first quarter, acquiring an additional 11,730 shares, bringing their total to 17,091 shares valued at approximately $1.12 million.
• Allete recently reported earnings per share (EPS) of $0.61, missing expectations by $0.24, and revenue of $360.3 million, which was below analysts' estimates of $425.3 million.
• The company declared a quarterly dividend of $0.73 per share, translating to an annualized dividend of $2.92 and a yield of 4.6%.

Ieq Capital LLC boosted its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 218.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,091 shares of the utilities provider's stock after purchasing an additional 11,730 shares during the period. Ieq Capital LLC's holdings in Allete were worth $1,123,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ALE. Lazard Asset Management LLC boosted its holdings in Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock valued at $88,000 after acquiring an additional 164 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 182 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Allete by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock valued at $445,000 after acquiring an additional 185 shares in the last quarter. State of Michigan Retirement System raised its stake in Allete by 1.5% in the first quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock worth $910,000 after buying an additional 200 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Allete by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider's stock worth $1,064,000 after buying an additional 200 shares in the last quarter. 76.55% of the stock is owned by institutional investors.

Allete Trading Down 0.1%

ALE stock traded down $0.07 during trading on Friday, reaching $63.64. The company had a trading volume of 506,342 shares, compared to its average volume of 570,327. 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 P/E ratio of 20.07 and a beta of 0.84. The business has a 50 day moving average of $65.18 and a 200 day moving average of $65.14. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81.

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

Allete Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were paid a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.6%. Allete's dividend payout ratio (DPR) is currently 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.