Strs Ohio Acquires Shares of 17,900 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 acquired a new stake in Allete, Inc. (NYSE:ALE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 17,900 shares of the utilities provider's stock, valued at approximately $1,176,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. AQR Arbitrage LLC grew its stake in Allete by 39.7% in the first quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider's stock valued at $77,768,000 after acquiring an additional 336,210 shares during the period. AQR Capital Management LLC boosted its position in shares of 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 buying an additional 117,133 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Allete by 28.7% during the first quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider's stock valued at $31,124,000 after buying an additional 105,611 shares during the last quarter. Nuveen LLC purchased a new position in shares of Allete during the first quarter valued at approximately $29,913,000. Finally, Alpine Associates Management Inc. boosted its position in shares of Allete by 8.6% during the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock valued at $27,387,000 after buying an additional 33,000 shares during the last quarter. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Up 2.7%

Shares of NYSE:ALE opened at $64.16 on Thursday. The business's 50 day moving average is $64.95 and its 200 day moving average is $65.03. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 20.24 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 quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE - Get Free Report) last issued 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). The business had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The business's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 earnings per share.

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, August 15th. Allete's payout ratio is presently 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.

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