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

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 paid a dividend of 0.73 per share by the utilities provider on Monday, September 1st. This represents a $2.92 dividend on an annualized basis and a yield of 4.45%.

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

Allete Trading Down 0.1%

ALE stock opened at $65.65 on Friday. The firm has a fifty day moving average price of $65.01 and a 200 day moving average price of $65.26. Allete has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The firm has a market cap of $3.81 billion, a PE ratio of 20.58 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26.

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

Institutional Trading of Allete

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. United Services Automobile Association purchased a new position in Allete during the first quarter worth $239,000. Empowered Funds LLC lifted its holdings in shares of 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 acquiring an additional 558 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Allete by 1,855.4% during the 1st quarter. Jane Street Group LLC now owns 103,031 shares of the utilities provider's stock worth $6,769,000 after purchasing an additional 97,762 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 purchasing an additional 32,374 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

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.

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