Allete, Inc. $ALE Holdings Raised by Absolute Gestao de Investimentos Ltda.

Absolute Gestao de Investimentos Ltda. raised its holdings in Allete, Inc. (NYSE:ALE) by 52.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 388,753 shares of the utilities provider’s stock after purchasing an additional 134,578 shares during the quarter. Allete accounts for approximately 10.8% of Absolute Gestao de Investimentos Ltda.’s investment portfolio, making the stock its 3rd biggest holding. Absolute Gestao de Investimentos Ltda. owned 0.67% of Allete worth $25,541,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its position in shares of Allete by 78.0% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 234 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Allete during the 1st quarter worth about $35,000. Hexagon Capital Partners LLC raised its position in shares of Allete by 44.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Allete during the 1st quarter worth about $47,000. Finally, Cherry Tree Wealth Management LLC acquired a new position in shares of Allete during the 1st quarter worth about $49,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

Allete Stock Down 1.2%

ALE opened at $64.97 on Monday. Allete, Inc. has a twelve month low of $63.00 and a twelve 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. The company has a 50-day moving average price of $65.22 and a 200 day moving average price of $65.29. The company has a market cap of $3.77 billion, a PE ratio of 20.50 and a beta of 0.77.

Allete (NYSE:ALE) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share for the quarter, missing the consensus estimate 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%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the company earned $0.82 EPS.

Allete Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be issued a $0.73 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.5%. Allete’s dividend 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.