Versor Investments LP Takes $3.72 Million Position in Allete, Inc. $ALE

Key Points

• Versor Investments LP has invested approximately $3.72 million in Allete, acquiring 56,548 shares, making it the 13th largest position in their portfolio.
• Allete reported $0.61 EPS for the latest quarter, missing analysts' expectations by $0.24 and experiencing a 1.6% year-over-year revenue increase.
• The company has declared a quarterly dividend of $0.73 per share, reflecting a yield of 4.5%, with a payout ratio of 92.11%.

Versor Investments LP acquired a new stake in Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 56,548 shares of the utilities provider's stock, valued at approximately $3,715,000. Allete comprises approximately 0.6% of Versor Investments LP's investment portfolio, making the stock its 13th largest holding. Versor Investments LP owned about 0.10% of Allete at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ALE. UMB Bank n.a. raised its stake in Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after buying an additional 234 shares during the period. Costello Asset Management INC bought a new position in shares of Allete during the first quarter worth approximately $35,000. Hexagon Capital Partners LLC raised its holdings in Allete by 44.5% in 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Allete in the first quarter valued at about $47,000. Finally, Cherry Tree Wealth Management LLC bought a new stake in shares of Allete during the 1st quarter worth approximately $49,000. Institutional investors own 76.55% of the company's stock.

Allete Price Performance

NYSE:ALE traded down $0.0970 during trading hours on Wednesday, hitting $64.5230. The company's stock had a trading volume of 703,810 shares, compared to its average volume of 426,314. The company has a market capitalization of $3.74 billion, a P/E ratio of 20.35 and a beta of 0.77. 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, Inc. has a twelve month low of $63.00 and a twelve month high of $66.46. The stock has a fifty day simple moving average of $65.20 and a 200-day simple moving average of $65.28.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). The company had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.Allete's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share.

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, August 15th. This represents a $2.92 annualized dividend and a yield of 4.5%. Allete's dividend payout ratio (DPR) is currently 92.11%.

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.