Wolverine Asset Management LLC Has $3.44 Million Stock Position in Allete, Inc. (NYSE:ALE)

Key Points

• Wolverine Asset Management LLC increased its stake in Allete, Inc. by 17.3%, acquiring an additional 7,701 shares, bringing its total holdings to 52,334 shares valued at approximately $3.44 million.
• Allete recently reported earnings of $0.61 per share, falling short of the consensus estimate of $0.85, along with revenues of $360.3 million, which was below analyst expectations.
• The company declared a quarterly dividend of $0.73 per share, reflecting an annualized dividend yield of 4.5%, with a payout ratio of 91.54%.

Wolverine Asset Management LLC grew its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 17.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,334 shares of the utilities provider's stock after purchasing an additional 7,701 shares during the quarter. Wolverine Asset Management LLC owned about 0.09% of Allete worth $3,438,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Citigroup Inc. raised its stake in shares of Allete by 25.3% in the first quarter. Citigroup Inc. now owns 147,438 shares of the utilities provider's stock valued at $9,687,000 after acquiring an additional 29,735 shares during the last quarter. ABC Arbitrage SA lifted its stake in shares of Allete by 68.5% in the 1st quarter. ABC Arbitrage SA now owns 83,253 shares of the utilities provider's stock valued at $5,470,000 after purchasing an additional 33,849 shares during the period. Three Seasons Wealth LLC bought a new position in shares of Allete in the 1st quarter worth $474,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Allete during the first quarter worth $213,000. Finally, Costello Asset Management INC acquired a new stake in shares of Allete during the first quarter worth $35,000. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Trading Up 0.0%

Shares of Allete stock traded up $0.02 during trading on Tuesday, reaching $65.78. 417,438 shares of the company were exchanged, compared to its average volume of 422,720. 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, Inc. has a twelve month low of $63.00 and a twelve month high of $66.46. The business has a 50-day moving average price of $65.19 and a 200-day moving average price of $65.28. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 20.75 and a beta of 0.77.

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

Allete Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.92 annualized dividend and a dividend yield of 4.4%. Allete's payout ratio is 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.