US Bancorp DE Decreases Stock Position in Allete, Inc. $ALE

US Bancorp DE reduced its position in Allete, Inc. (NYSE:ALE) by 5.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,467 shares of the utilities provider’s stock after selling 1,599 shares during the quarter. US Bancorp DE’s holdings in Allete were worth $1,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Costello Asset Management INC purchased a new position in shares of Allete in the first quarter valued at $35,000. Hexagon Capital Partners LLC grew its position in shares of Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Allete in the first quarter valued at $47,000. Cherry Tree Wealth Management LLC purchased a new position in shares of Allete in the first quarter valued at $49,000. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Allete in the first quarter valued at $91,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Price Performance

NYSE:ALE opened at $67.32 on Friday. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.24 and a beta of 0.83. Allete, Inc. has a 52-week low of $62.38 and a 52-week high of $67.49. The stock has a fifty day moving average of $65.10 and a 200 day moving average of $65.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34.

Allete (NYSE:ALE) last posted 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 business had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same period in the prior year, the business posted $0.82 EPS. Allete’s quarterly revenue was up 1.6% on a year-over-year basis.

Allete Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders 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 yield of 4.3%. Allete’s payout ratio is 92.11%.

Wall Street Analysts Forecast Growth

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