Allete, Inc. $ALE Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lowered its position in shares of Allete, Inc. (NYSE:ALE) by 27.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,565 shares of the utilities provider’s stock after selling 2,148 shares during the quarter. Advisors Asset Management Inc.’s holdings in Allete were worth $366,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. boosted its position in Allete by 78.0% during the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 234 shares during the last quarter. Costello Asset Management INC purchased a new stake in shares of Allete during the 1st quarter valued at $35,000. Hexagon Capital Partners LLC grew its stake 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 valued at $39,000 after buying an additional 182 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Allete during the 1st quarter valued at $47,000. Finally, Cherry Tree Wealth Management LLC purchased a new stake in shares of Allete during the 1st quarter valued at $49,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

Allete Stock Down 0.5%

Shares of NYSE ALE opened at $63.45 on Friday. Allete, Inc. has a 52-week low of $63.05 and a 52-week high of $66.46. The firm has a fifty day moving average of $65.09 and a 200-day moving average of $65.09. The stock has a market capitalization of $3.68 billion, a PE ratio of 20.02 and a beta of 0.84. 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 (NYSE:ALE) last announced 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). Allete had a net margin of 11.98% and a return on equity of 5.71%. The company had revenue of $360.30 million for the quarter, compared to analysts’ expectations of $425.30 million. During the same period in the prior year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was up 1.6% on a year-over-year basis.

Allete Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 annualized dividend and a dividend yield of 4.6%. Allete’s payout ratio is currently 92.11%.

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.