Allete, Inc. $ALE Stock Position Raised by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Allete, Inc. by 37.8%, owning 40,204 shares valued at approximately $2.64 million.
• Allete reported earnings per share of $0.61, falling short of analysts' expectations of $0.85, with revenue of $360.3 million in the last quarter.
• The company declared a quarterly dividend of $0.73 per share, resulting in an annualized dividend yield of 4.6%.

Intech Investment Management LLC raised its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 37.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,204 shares of the utilities provider's stock after buying an additional 11,019 shares during the period. Intech Investment Management LLC owned about 0.07% of Allete worth $2,641,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Lazard Asset Management LLC boosted its holdings in Allete by 13.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock worth $88,000 after buying an additional 164 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Allete by 44.5% during the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after buying an additional 182 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Allete by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock worth $445,000 after buying an additional 185 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Allete by 1.5% during 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 boosted its holdings in Allete by 1.3% during 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 currently owned by institutional investors.

Allete Price Performance

NYSE:ALE traded down $0.10 during trading hours on Friday, reaching $63.99. 1,096,169 shares of the company's stock were exchanged, compared to its average volume of 584,233. The company has a market capitalization of $3.71 billion, a P/E ratio of 20.19 and a beta of 0.84. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $66.46. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The business's 50-day simple moving average is $64.89 and its two-hundred day simple moving average is $65.01.

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

Allete Announces Dividend

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