Algert Global LLC Sells 1,750 Shares of Allete, Inc. $ALE

Algert Global LLC lowered its stake in Allete, Inc. (NYSE:ALE) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,760 shares of the utilities provider’s stock after selling 1,750 shares during the quarter. Algert Global LLC owned approximately 0.06% of Allete worth $2,415,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its stake in 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 purchasing an additional 234 shares during the period. Costello Asset Management INC bought a new position in Allete in the 1st quarter worth about $35,000. Hexagon Capital Partners LLC boosted its stake in Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 182 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Allete in the 1st quarter worth about $47,000. Finally, Cherry Tree Wealth Management LLC bought a new position in Allete in the 1st quarter worth about $49,000. Institutional investors own 76.55% of the company’s stock.

Allete Stock Performance

Shares of ALE opened at $64.5230 on Thursday. The company has a market cap of $3.74 billion, a PE ratio of 20.35 and a beta of 0.77. 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 50-day moving average price of $65.19 and a 200-day moving average price of $65.27. Allete, Inc. has a 12-month low of $63.00 and a 12-month high of $66.46.

Allete (NYSE:ALE) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.24). The business 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 business’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS.

Allete Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, August 15th. Allete’s payout ratio is currently 92.11%.

Allete 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.