MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 4,389 Shares of Allete, Inc. $ALE

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Allete, Inc. (NYSE:ALE) by 10.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,795 shares of the utilities provider’s stock after purchasing an additional 4,389 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.08% of Allete worth $3,140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. AQR Arbitrage LLC boosted its stake in Allete by 39.7% in the 1st quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider’s stock worth $77,768,000 after purchasing an additional 336,210 shares during the period. AQR Capital Management LLC raised its holdings in shares of Allete by 28.8% during the 1st quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider’s stock worth $34,430,000 after acquiring an additional 117,133 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Allete by 28.7% during the 1st quarter. Alliancebernstein L.P. now owns 473,726 shares of the utilities provider’s stock worth $31,124,000 after acquiring an additional 105,611 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Allete during the 1st quarter worth approximately $29,913,000. Finally, Alpine Associates Management Inc. raised its holdings in shares of Allete by 8.6% during the 1st quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider’s stock worth $27,387,000 after acquiring an additional 33,000 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

Allete Stock Down 0.3%

Shares of ALE opened at $63.30 on Friday. The stock has a market capitalization of $3.67 billion, a price-to-earnings ratio of 19.97 and a beta of 0.84. Allete, Inc. has a 1 year low of $63.05 and a 1 year high of $66.46. The business’s 50 day simple moving average is $65.05 and its 200-day simple moving average is $65.07. 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 (NYSE:ALE) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.24). The firm had revenue of $360.30 million for 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%.The firm’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.82 earnings per share.

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 15th. Allete’s dividend 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.