Millennium Management LLC Has $45.84 Million Stake in Allete, Inc. $ALE

Key Points

• Millennium Management LLC has reduced its stake in Allete, Inc. by 23%, owning 697,650 shares valued at approximately $45.8 million after selling over 208,000 shares in the first quarter.
• Despite Millennium's reduction, other institutional investors have increased their positions, with AQR Arbitrage LLC raising its stake by 39.7% to 1,183,682 shares, valued at about $77.8 million.
• Allete recently reported a quarterly EPS of $0.61, missing analysts’ expectations, and declared a quarterly dividend of $0.73, representing an annual yield of 4.6% with a payout ratio of 92.11%.

Millennium Management LLC cut its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 23.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 697,650 shares of the utilities provider's stock after selling 208,391 shares during the quarter. Millennium Management LLC owned about 1.20% of Allete worth $45,836,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of Allete in the 1st quarter worth approximately $29,913,000. AQR Arbitrage LLC lifted its position in shares of Allete by 39.7% in the 1st quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider's stock worth $77,768,000 after acquiring an additional 336,210 shares during the period. Alberta Investment Management Corp lifted its position in shares of Allete by 784.6% in the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock worth $18,541,000 after acquiring an additional 250,302 shares during the period. Absolute Gestao de Investimentos Ltda. lifted its position in shares of Allete by 52.9% in the 1st quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider's stock worth $25,541,000 after acquiring an additional 134,578 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Allete by 7,468.1% in the 1st quarter. GAMMA Investing LLC now owns 120,560 shares of the utilities provider's stock worth $7,921,000 after acquiring an additional 118,967 shares during the period. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Stock Performance

Shares of ALE stock traded down $0.18 during mid-day trading on Friday, reaching $63.30. The stock had a trading volume of 413,858 shares, compared to its average volume of 530,341. The firm's 50 day simple moving average is $65.05 and its 200 day simple moving average is $65.07. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Allete, Inc. has a one year low of $63.05 and a one year high of $66.46. The firm has a market cap of $3.67 billion, a PE ratio of 19.97 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 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). Allete had a return on equity of 5.71% and a net margin of 11.98%.The firm had revenue of $360.30 million during the quarter, compared to the consensus estimate of $425.30 million. During the same quarter in the prior year, the business posted $0.82 EPS. Allete's revenue was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.6%. Allete's dividend 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.