Strs Ohio Makes New Investment in Allete, Inc. $ALE

Key Points

• Strs Ohio has acquired a new stake in Allete, Inc., purchasing 17,900 shares valued at approximately $1,176,000, as reported in its latest Form 13F filing.
• Allete's quarterly earnings report revealed an EPS of $0.61, falling short of analyst expectations, with revenues of $360.30 million below the consensus estimate of $425.30 million.
• The company announced a quarterly dividend of $0.73 per share, resulting in an annualized dividend of $2.92 and a yield of 4.6%, with a payout ratio of 92.11%.

Strs Ohio purchased a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 17,900 shares of the utilities provider's stock, valued at approximately $1,176,000.

Other large investors have also bought and sold shares of the company. UMB Bank n.a. grew its position in Allete by 78.0% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after acquiring an additional 234 shares during the last quarter. Costello Asset Management INC bought a new stake in Allete during the 1st quarter worth approximately $35,000. Hexagon Capital Partners LLC grew its position in Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after acquiring an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Allete during the 1st quarter worth approximately $47,000. Finally, Cherry Tree Wealth Management LLC bought a new stake in Allete during the 1st quarter worth approximately $49,000. 76.55% of the stock is currently owned by institutional investors.

Allete Price Performance

NYSE ALE traded down $0.10 during trading hours on Friday, reaching $63.99. 1,096,169 shares of the company's stock were exchanged, compared to its average volume of 615,888. The stock has a market cap of $3.71 billion, a PE ratio of 20.19 and a beta of 0.84. Allete, Inc. has a one year low of $62.38 and a one year high of $66.46. The firm has a fifty day moving average of $64.89 and a 200-day moving average of $65.00. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE - Get Free Report) last released its quarterly 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 business had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm's revenue was up 1.6% on a year-over-year basis.

Allete Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 4.6%. Allete's dividend payout ratio is currently 92.11%.

Allete Company 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.