Allete, Inc. (NYSE:ALE) Short Interest Down 27.4% in August

Key Points

• Allete, Inc. experienced a significant drop in short interest of 27.4% in August, with short interest totaling 951,200 shares as of the end of the month.
• The company reported $0.61 EPS for the last quarter, which was below analysts' expectations of $0.85, and their revenue of $360.30 million was also below the consensus estimate.
• Allete has declared a quarterly dividend of $0.73 per share, representing a 4.6% yield and a dividend payout ratio of 92.11%.

Allete, Inc. (NYSE:ALE - Get Free Report) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 951,200 shares, a drop of 27.4% from the August 15th total of 1,310,000 shares. Based on an average trading volume of 571,300 shares, the short-interest ratio is currently 1.7 days. Approximately 1.6% of the shares of the company are short sold. Approximately 1.6% of the shares of the company are short sold. Based on an average trading volume of 571,300 shares, the short-interest ratio is currently 1.7 days.

Institutional Investors Weigh In On Allete

Large investors have recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its stake in Allete by 78.0% during the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after buying an additional 234 shares during the period. Costello Asset Management INC bought a new stake in Allete during the first quarter valued at $35,000. Hexagon Capital Partners LLC boosted its stake in Allete by 44.5% during the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after buying an additional 182 shares during the period. IFP Advisors Inc boosted its stake in Allete by 3,456.3% during the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider's stock valued at $40,000 after buying an additional 553 shares during the period. Finally, Bayforest Capital Ltd bought a new stake in Allete during the second quarter valued at $45,000. Institutional investors own 76.55% of the company's stock.

Allete Price Performance

Allete stock opened at $62.99 on Tuesday. Allete has a one year low of $62.63 and a one year high of $66.46. The business has a fifty day moving average price of $65.01 and a 200-day moving average price of $65.05. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The firm has a market capitalization of $3.66 billion, a P/E ratio of 19.87 and a beta of 0.84.

Allete (NYSE:ALE - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). Allete had a return on equity of 5.71% and a net margin of 11.98%.The company had revenue of $360.30 million during the quarter, compared to the consensus estimate of $425.30 million. During the same period in the previous year, the business earned $0.82 earnings per share. Allete's revenue was up 1.6% on a year-over-year basis.

Allete Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors 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 4.6%. Allete's dividend payout ratio (DPR) is currently 92.11%.

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.

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