Versor Investments LP Invests $3.72 Million 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 purchased a new stake in shares of Allete, Inc. (NYSE:ALE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 56,548 shares of the utilities provider's stock, valued at approximately $3,715,000. Allete accounts for approximately 0.6% of Versor Investments LP's portfolio, making the stock its 13th biggest holding. Versor Investments LP owned about 0.10% of Allete as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in Allete by 13.6% during the 4th quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock valued at $88,000 after purchasing an additional 164 shares in the last quarter. Hexagon Capital Partners LLC boosted 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 purchasing an additional 182 shares in the last quarter. State of Alaska Department of Revenue boosted 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 purchasing an additional 185 shares in the last quarter. State of Michigan Retirement System boosted 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 purchasing an additional 200 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in 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. 76.55% of the stock is owned by institutional investors.

Allete Price Performance

NYSE ALE traded up $0.13 on Friday, reaching $64.63. 137,603 shares of the stock traded hands, compared to its average volume of 423,798. The firm's fifty day simple moving average is $65.17 and its 200 day simple moving average is $65.26. 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 $3.75 billion, a price-to-earnings ratio of 20.39 and a beta of 0.77. Allete, Inc. has a 12 month low of $63.00 and a 12 month 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). The firm had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. Allete had a net margin of 11.98% and a return on equity of 5.71%. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share.

Allete Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders 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 yield of 4.5%. The ex-dividend date of this dividend is Friday, August 15th. Allete's dividend payout ratio (DPR) is presently 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.