Credit Industriel ET Commercial Makes New Investment in Allete, Inc. $ALE

Credit Industriel ET Commercial acquired a new position in shares of Allete, Inc. (NYSE:ALE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 158,925 shares of the utilities provider’s stock, valued at approximately $10,182,000. Allete accounts for 0.9% of Credit Industriel ET Commercial’s investment portfolio, making the stock its 17th biggest position.

Several other institutional investors also recently bought and sold shares of ALE. UMB Bank n.a. increased its holdings in 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 period. Farther Finance Advisors LLC increased its holdings in Allete by 6,155.6% during the 1st quarter. Farther Finance Advisors LLC now owns 2,815 shares of the utilities provider’s stock worth $183,000 after purchasing an additional 2,770 shares during the period. GAMMA Investing LLC increased its holdings in Allete by 15.2% during the 1st quarter. GAMMA Investing LLC now owns 1,835 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 242 shares during the period. SG Americas Securities LLC purchased a new position in Allete during the 1st quarter worth $622,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Allete by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider’s stock worth $616,000 after purchasing an additional 540 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Stock Up 0.0%

Shares of NYSE ALE opened at $67.31 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.91 billion, a PE ratio of 21.23 and a beta of 0.83. The stock’s fifty day simple moving average is $65.01 and its two-hundred day simple moving average is $65.09. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $67.44.

Allete (NYSE:ALE) last announced its earnings results 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 company 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 firm’s revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business posted $0.82 EPS.

Allete Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Friday, August 15th. Allete’s dividend payout ratio (DPR) is 92.11%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Allete in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Allete Company 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.