Allete, Inc. $ALE Shares Sold by Kapitalo Investimentos Ltda

Key Points

• Kapitalo Investimentos Ltda reduced its stake in Allete, Inc. by 6.9% during Q2, now holding 216,295 shares which accounts for 3.0% of its portfolio.
• Allete's quarterly earnings showed a miss, reporting $0.61 per share against an estimate of $0.85, alongside revenue of $360.30 million which was below the expected $425.30 million.
• The company declared a quarterly dividend of $0.73, indicating an annualized dividend yield of 4.6%, with a dividend payout ratio currently at 92.11%.

Kapitalo Investimentos Ltda lowered its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 216,295 shares of the utilities provider's stock after selling 16,122 shares during the quarter. Allete accounts for 3.0% of Kapitalo Investimentos Ltda's investment portfolio, making the stock its 9th largest holding. Kapitalo Investimentos Ltda owned 0.37% of Allete worth $13,858,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC grew its stake in shares of 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 buying an additional 164 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Allete during the fourth quarter valued at approximately $267,000. Tidal Investments LLC lifted its stake in shares of Allete by 285.9% in the 4th quarter. Tidal Investments LLC now owns 16,411 shares of the utilities provider's stock valued at $1,063,000 after purchasing an additional 12,158 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Allete in the fourth quarter valued at about $72,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Allete during the 4th quarter worth approximately $404,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Price Performance

Shares of NYSE ALE traded down $0.01 during trading on Monday, reaching $63.99. The company had a trading volume of 603,608 shares, compared to its average volume of 615,888. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34. Allete, Inc. has a 52 week low of $62.38 and a 52 week high of $66.46. The business's 50 day moving average price is $64.84 and its 200-day moving average price is $64.99. The stock has a market cap of $3.71 billion, a PE ratio of 20.19 and a beta of 0.84.

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

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued 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 yield of 4.6%. Allete's payout ratio is presently 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.