Skandinaviska Enskilda Banken AB publ Buys 10,000 Shares of Allete, Inc. (NYSE:ALE)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its ownership in Allete, Inc. by 21.4%, acquiring an additional 10,000 shares during the first quarter, raising its total holdings to 56,672 shares worth approximately $3,723,000.
• Allete announced a quarterly dividend of $0.73 per share, which equates to an annual yield of 4.43%, with the ex-dividend date set for August 15th.
• The company reported earnings of $1.01 per share for the latest quarter, meeting analysts' expectations, although revenue of $400.2 million fell short of the consensus estimate of $456.3 million.

Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 21.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,672 shares of the utilities provider's stock after acquiring an additional 10,000 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.10% of Allete worth $3,723,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Lazard Asset Management LLC raised 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 during the period. Hexagon Capital Partners LLC raised its stake in shares of Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after buying an additional 182 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Allete by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock valued at $445,000 after buying an additional 185 shares during the period. State of Michigan Retirement System raised its stake in shares of Allete by 1.5% in the first quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock valued at $910,000 after buying an additional 200 shares during the period. Finally, Louisiana State Employees Retirement System raised its stake in shares of Allete by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider's stock valued at $1,064,000 after buying an additional 200 shares during the period. 76.55% of the stock is currently owned by institutional investors.

Allete Stock Performance

Shares of ALE traded down $0.12 during mid-day trading on Friday, hitting $65.82. The stock had a trading volume of 91,980 shares, compared to its average volume of 408,344. The firm has a market cap of $3.82 billion, a P/E ratio of 20.63 and a beta of 0.79. The business has a fifty day moving average price of $65.09 and a 200-day moving average price of $65.28. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81. Allete, Inc. has a 52 week low of $63.00 and a 52 week high of $66.46.

Allete (NYSE:ALE - Get Free Report) last issued its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. Allete had a return on equity of 6.05% and a net margin of 12.10%. The business's revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share.

Allete Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, August 15th. Allete's payout ratio is presently 91.54%.

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.