Allete, Inc. (NYSE:ALE) Plans $0.73 Quarterly Dividend

Key Points

• Allete, Inc. announced a quarterly dividend of $0.73 per share, with a dividend yield of 4.45%, to be paid on September 1st to investors of record on August 15th.
• The company reported $1.01 earnings per share (EPS) for the last quarter, meeting expectations, but with revenue of $400.20 million falling short of analysts' forecasts.
• Allete has a dividend payout ratio of 67.6%, indicating that its dividend payments are well-supported by its earnings.

Allete, Inc. (NYSE:ALE - Get Free Report) declared a quarterly dividend on Friday, July 25th, RTT News reports. Investors of record on Friday, August 15th will be given a dividend of 0.73 per share by the utilities provider on Monday, September 1st. This represents a $2.92 annualized dividend and a dividend yield of 4.43%. The ex-dividend date is Friday, August 15th.

Allete has a dividend payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings.

Allete Stock Down 0.0%

ALE stock traded down $0.02 during mid-day trading on Tuesday, hitting $65.89. 183,148 shares of the company were exchanged, compared to its average volume of 409,283. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $3.82 billion, a PE ratio of 20.65 and a beta of 0.79. Allete has a twelve month low of $63.00 and a twelve month high of $66.46. The firm has a fifty day simple moving average of $65.04 and a 200 day simple moving average of $65.27.

Allete (NYSE:ALE - Get Free Report) last issued its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. The firm had revenue of $400.20 million for the quarter, compared to analysts' expectations of $456.30 million. Allete had a net margin of 12.10% and a return on equity of 6.05%. Allete's revenue was down .8% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALE. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Allete by 32.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 133,324 shares of the utilities provider's stock valued at $8,759,000 after acquiring an additional 32,374 shares in the last quarter. Jane Street Group LLC lifted its stake in Allete by 1,855.4% during the first quarter. Jane Street Group LLC now owns 103,031 shares of the utilities provider's stock valued at $6,769,000 after buying an additional 97,762 shares in the last quarter. Empowered Funds LLC boosted its stake in Allete by 9.8% in the 1st quarter. Empowered Funds LLC now owns 6,233 shares of the utilities provider's stock worth $410,000 after purchasing an additional 558 shares during the period. Finally, United Services Automobile Association purchased a new stake in Allete in the 1st quarter worth about $239,000. 76.55% of the stock is owned by institutional investors and hedge funds.

About Allete

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.