Invesco Ltd. Has $24.68 Million Stock Holdings in Allete, Inc. $ALE

Key Points

• Invesco Ltd. increased its shareholding in Allete, Inc. by 13.3%, acquiring 44,226 additional shares, bringing their total ownership to 375,698 shares worth approximately $24.68 million.
• Allete reported $0.61 EPS for the last quarter, missing expectations by $0.24, with revenues of $360.3 million, below the consensus estimate of $425.3 million.
• The company announced a quarterly dividend of $0.73 per share, resulting in an annualized dividend of $2.92 and a dividend yield of 4.5%.

Invesco Ltd. lifted its stake in Allete, Inc. (NYSE:ALE - Free Report) by 13.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 375,698 shares of the utilities provider's stock after purchasing an additional 44,226 shares during the quarter. Invesco Ltd. owned 0.65% of Allete worth $24,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in ALE. Envestnet Asset Management Inc. lifted its position in shares of Allete by 7.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 28,917 shares of the utilities provider's stock worth $1,874,000 after purchasing an additional 1,902 shares in the last quarter. Raymond James Financial Inc. bought a new position in Allete during the fourth quarter valued at approximately $3,522,000. Barclays PLC lifted its stake in Allete by 43.3% in the fourth quarter. Barclays PLC now owns 143,421 shares of the utilities provider's stock valued at $9,293,000 after acquiring an additional 43,342 shares during the last quarter. Mariner LLC lifted its stake in Allete by 28.2% in the fourth quarter. Mariner LLC now owns 12,256 shares of the utilities provider's stock valued at $794,000 after acquiring an additional 2,697 shares during the last quarter. Finally, Walleye Capital LLC acquired a new stake in Allete in the fourth quarter valued at approximately $212,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

Allete Stock Up 0.2%

NYSE ALE traded up $0.13 during trading on Tuesday, reaching $64.63. The company's stock had a trading volume of 631,819 shares, compared to its average volume of 532,035. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.75 billion, a PE ratio of 20.39 and a beta of 0.77. The business has a 50-day moving average price of $65.17 and a 200-day moving average price of $65.24. Allete, Inc. has a 1-year low of $63.00 and a 1-year high of $66.46.

Allete (NYSE:ALE - Get Free Report) last posted its 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). The business had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. Allete had a net margin of 11.98% and a return on equity of 5.71%. Allete's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share.

Allete Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.5%. Allete's 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.