Invesco Ltd. Grows 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. boosted its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 13.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 375,698 shares of the utilities provider's stock after purchasing an additional 44,226 shares during the period. Invesco Ltd. owned approximately 0.65% of Allete worth $24,683,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Allete by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock valued at $616,000 after acquiring an additional 540 shares during the period. Principal Financial Group Inc. grew its position in shares of Allete by 1.9% during the 1st quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider's stock valued at $12,384,000 after acquiring an additional 3,585 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Allete by 56.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,990 shares of the utilities provider's stock valued at $656,000 after acquiring an additional 3,612 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Allete during the 1st quarter valued at about $319,000. Finally, Alpine Associates Management Inc. grew its position in shares of Allete by 8.6% during the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock valued at $27,387,000 after acquiring an additional 33,000 shares during the period. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Price Performance

Shares of NYSE:ALE traded up $0.0940 during trading on Friday, reaching $64.5940. 463,078 shares of the company's stock traded hands, compared to its average volume of 507,856. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week 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 firm has a market cap of $3.75 billion, a PE ratio of 20.38 and a beta of 0.77. The company has a 50-day simple moving average of $65.17 and a 200-day simple moving average of $65.25.

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

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, August 15th. Allete's payout ratio is presently 92.11%.

Allete Company 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.