Integrated Wealth Concepts LLC Trims Stake in Allete, Inc. $ALE

Key Points

• Integrated Wealth Concepts LLC sold 5,104 shares of Allete, Inc., reducing its stake by 9.2% to 50,652 shares, valued at approximately $3.33 million.
• Allete reported $0.61 earnings per share in its latest quarterly results, missing estimates by $0.24 and generating $360.30 million in revenue, below analyst expectations.
• The company declared a quarterly dividend of $0.73, yielding 4.6%, with a dividend payout ratio of 92.11%.

Integrated Wealth Concepts LLC reduced its stake in Allete, Inc. (NYSE:ALE - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,652 shares of the utilities provider's stock after selling 5,104 shares during the period. Integrated Wealth Concepts LLC owned approximately 0.09% of Allete worth $3,328,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ALE. Alliancebernstein L.P. raised its holdings in shares of Allete by 28.7% during the first quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider's stock valued at $31,124,000 after buying an additional 105,611 shares during the last quarter. AQR Arbitrage LLC increased 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 worth $77,768,000 after purchasing an additional 336,210 shares during the period. AQR Capital Management LLC increased its stake in shares of 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 during the period. Cubist Systematic Strategies LLC acquired a new stake in Allete during the first quarter worth about $2,354,000. Finally, Energy Income Partners LLC boosted its holdings in Allete by 5.2% during the first quarter. Energy Income Partners LLC now owns 111,359 shares of the utilities provider's stock valued at $7,316,000 after purchasing an additional 5,485 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Price Performance

Shares of ALE traded down $0.18 on Friday, hitting $63.30. The company's stock had a trading volume of 413,858 shares, compared to its average volume of 550,639. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The company has a 50 day moving average price of $65.05 and a 200 day moving average price of $65.07. Allete, Inc. has a fifty-two week low of $63.05 and a fifty-two week high of $66.46. The company has a market capitalization of $3.67 billion, a PE ratio of 19.97 and a beta of 0.84.

Allete (NYSE:ALE - Get Free Report) last issued its earnings results on Thursday, August 7th. The utilities provider reported $0.61 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 the consensus estimate of $425.30 million. Allete had a net margin of 11.98% and a return on equity of 5.71%. The business's revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 EPS.

Allete Dividend Announcement

The business 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. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 15th. Allete's 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.