6,997 Shares in Allete, Inc. (NYSE:ALE) Bought by Entropy Technologies LP

Key Points

• Entropy Technologies LP acquired 6,997 shares of Allete, Inc., valued at approximately $460,000, during the first quarter.
• Allete reported EPS of $0.61 for the last quarter, missing analysts' expectations of $0.85, with revenue of $360.30 million compared to a forecast of $425.30 million.
• The company announced a dividend of $0.73 per share, resulting in an annual yield of 4.4%, with a payout ratio of 92.11%.

Entropy Technologies LP acquired a new position in Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 6,997 shares of the utilities provider's stock, valued at approximately $460,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. raised its position in shares of Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after buying an additional 234 shares in the last quarter. Costello Asset Management INC purchased a new stake in shares of Allete in the first quarter worth $35,000. Hexagon Capital Partners LLC raised 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 worth $39,000 after buying an additional 182 shares in the last quarter. Cherry Tree Wealth Management LLC purchased a new stake in shares of Allete in the first quarter worth $49,000. Finally, Sound Income Strategies LLC raised its position in shares of Allete by 646.7% in the first quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock worth $60,000 after buying an additional 789 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Trading Up 0.1%

Shares of ALE stock opened at $65.85 on Thursday. 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, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46. The company has a market capitalization of $3.82 billion, a PE ratio of 20.77 and a beta of 0.77. The business's fifty day moving average is $65.22 and its 200 day moving average is $65.29.

Allete (NYSE:ALE - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%. The company's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business posted $0.82 EPS.

Allete Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 15th. Allete's dividend payout ratio is currently 92.11%.

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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