R Squared Ltd Invests $712,000 in Allete, Inc. $ALE

Key Points

• R Squared Ltd has invested approximately $712,000 in Allete, Inc., acquiring 11,106 shares during the second quarter.
• Allete reported a miss in earnings with an EPS of $0.61, falling short of the $0.85 analyst estimates, and had revenues of $360.30 million.
• Institutional investors currently hold 76.55% of Allete's stock, indicating significant confidence from large financial entities in the company's operations.

R Squared Ltd purchased a new stake in shares of Allete, Inc. (NYSE:ALE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,106 shares of the utilities provider's stock, valued at approximately $712,000.

A number of other large investors have also added to or reduced their stakes in the company. AQR Arbitrage LLC raised its holdings in shares of Allete by 39.7% during 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 in the last quarter. AQR Capital Management LLC lifted its position in Allete by 28.8% during the first quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider's stock valued at $34,430,000 after purchasing an additional 117,133 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of 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 buying an additional 105,611 shares during the last quarter. Nuveen LLC bought a new position in shares of Allete in the 1st quarter valued at about $29,913,000. Finally, Alpine Associates Management Inc. increased its stake in Allete by 8.6% during the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after acquiring an additional 33,000 shares during the last quarter. Institutional investors own 76.55% of the company's stock.

Allete Trading Down 0.0%

ALE stock opened at $67.34 on Friday. Allete, Inc. has a 12 month low of $62.38 and a 12 month high of $67.49. The firm's 50-day moving average is $65.26 and its 200 day moving average is $65.21. The company has a market capitalization of $3.91 billion, a PE ratio of 21.24 and a beta of 0.83. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81.

Allete (NYSE:ALE - Get Free Report) last issued 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 return on equity of 5.71% and a net margin of 11.98%.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 prior year, the company earned $0.82 earnings per share. Allete's revenue was up 1.6% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Allete in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold".

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.

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