Allete, Inc. $ALE Position Boosted by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Allete, Inc. by 10.1% during the first quarter, acquiring an additional 4,389 shares, bringing its total to 47,795 shares valued at approximately $3.14 million.
• Allete recently reported quarterly earnings of $0.61 EPS, which missed analysts' expectations by $0.24, and generated revenue of $360.3 million, falling short of the forecasted $425.3 million.
• The company also declared a quarterly dividend of $0.73 per share, effective September 1st, resulting in a 4.6% dividend yield and a payout ratio of 92.11%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 10.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,795 shares of the utilities provider's stock after acquiring an additional 4,389 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.08% of Allete worth $3,140,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. AQR Arbitrage LLC grew its holdings in Allete by 39.7% during the first 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. AQR Capital Management LLC increased its stake in Allete by 28.8% in the 1st 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 in the last quarter. Alliancebernstein L.P. increased its stake in Allete by 28.7% in the 1st quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider's stock worth $31,124,000 after purchasing an additional 105,611 shares in the last quarter. Nuveen LLC purchased a new position in Allete in the 1st quarter worth about $29,913,000. Finally, Alpine Associates Management Inc. increased its stake in Allete by 8.6% in the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after purchasing an additional 33,000 shares in the last quarter. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Trading Down 0.1%

ALE traded down $0.05 during trading on Thursday, reaching $64.14. The company had a trading volume of 480,004 shares, compared to its average volume of 576,838. The firm's 50-day simple moving average is $64.93 and its 200 day simple moving average is $65.02. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 20.23 and a beta of 0.84. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $66.46. 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 (NYSE:ALE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). The company had revenue of $360.30 million during the quarter, compared to analysts' expectations of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 EPS.

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 paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 15th. 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.