State of Alaska Department of Revenue Lowers Holdings in Allete, Inc. $ALE

State of Alaska Department of Revenue trimmed its position in Allete, Inc. (NYSE:ALE) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,506 shares of the utilities provider’s stock after selling 275 shares during the quarter. State of Alaska Department of Revenue’s holdings in Allete were worth $416,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ALE. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Allete by 24.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,831 shares of the utilities provider’s stock worth $572,000 after buying an additional 1,761 shares during the period. UMB Bank n.a. lifted its holdings in shares of Allete by 78.0% in the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider’s stock worth $35,000 after buying an additional 234 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Allete by 6,155.6% in the 1st quarter. Farther Finance Advisors LLC now owns 2,815 shares of the utilities provider’s stock worth $183,000 after buying an additional 2,770 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Allete by 21,453.3% in the 1st quarter. Harbor Capital Advisors Inc. now owns 42,460 shares of the utilities provider’s stock worth $2,790,000 after buying an additional 42,263 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Allete by 15.2% in the 1st quarter. GAMMA Investing LLC now owns 1,835 shares of the utilities provider’s stock worth $121,000 after buying an additional 242 shares during the period. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Allete in a report on Wednesday. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Allete Trading Down 0.1%

Shares of NYSE:ALE opened at $67.31 on Friday. The business’s 50-day moving average is $64.96 and its 200 day moving average is $65.07. Allete, Inc. has a 1 year low of $62.38 and a 1 year high of $67.44. The firm has a market capitalization of $3.91 billion, a P/E ratio of 21.23 and a beta of 0.83. 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 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). Allete had a net margin of 11.98% and a return on equity of 5.71%. The business had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. During the same period in the prior year, the company earned $0.82 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis.

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors 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 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.