Tokio Marine Asset Management Co. Ltd. Grows Position in Allete, Inc. (NYSE:ALE)

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Allete, Inc. by 27.2%, now holding 105,600 shares valued at approximately $6.94 million.
• Allete reported earnings of $0.61 per share, missing expectations by $0.24, with a revenue of $360.3 million against a forecast of $425.3 million for the latest quarter.
• The company declared a quarterly dividend of $0.73 per share, representing a 4.4% dividend yield with a payout ratio of 92.11%.

Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 27.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 105,600 shares of the utilities provider's stock after acquiring an additional 22,600 shares during the quarter. Tokio Marine Asset Management Co. Ltd. owned about 0.18% of Allete worth $6,938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Lazard Asset Management LLC grew its position in shares of Allete by 13.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock worth $88,000 after buying an additional 164 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 182 shares during the period. State of Alaska Department of Revenue lifted its stake in Allete by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock valued at $445,000 after acquiring an additional 185 shares during the period. State of Michigan Retirement System lifted its stake in Allete by 1.5% during the 1st quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock valued at $910,000 after acquiring an additional 200 shares during the period. Finally, Louisiana State Employees Retirement System increased its holdings in shares of Allete by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider's stock valued at $1,064,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 76.55% of the company's stock.

Allete Stock Performance

Shares of NYSE:ALE traded down $0.78 during trading on Friday, hitting $64.97. 819,804 shares of the stock traded hands, compared to its average volume of 500,463. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 20.50 and a beta of 0.77. The company has a fifty day moving average price of $65.22 and a two-hundred day moving average price of $65.29. 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 quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate 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%. Allete's revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 EPS.

Allete Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 15th. Allete's payout ratio is presently 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.