Allete, Inc. $ALE Shares Sold by DLD Asset Management LP

Key Points

• DLD Asset Management LP has decreased its holdings in Allete, Inc. by 12.0%, now owning about 0.08% of the company valued at $3,216,000 after selling 6,679 shares in Q1.
• Allete reported earnings of $0.61 per share for Q2, missing expectations by $0.24 and generating revenue of $360.30 million, below the anticipated $425.30 million.
• The company declared a quarterly dividend of $0.73 per share with a 4.6% yield, marking a payout ratio of 92.11%.

DLD Asset Management LP decreased its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 12.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,948 shares of the utilities provider's stock after selling 6,679 shares during the period. DLD Asset Management LP owned about 0.08% of Allete worth $3,216,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. UMB Bank n.a. increased its stake in 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 purchasing an additional 234 shares during the period. Costello Asset Management INC purchased a new stake in Allete in the first quarter worth $35,000. Hexagon Capital Partners LLC increased its stake in 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 purchasing an additional 182 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Allete in the first quarter worth $47,000. Finally, Cherry Tree Wealth Management LLC purchased a new stake in Allete in the first quarter worth $49,000. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Stock Down 0.3%

Shares of Allete stock traded down $0.18 during trading on Friday, hitting $63.30. 413,858 shares of the stock traded hands, compared to its average volume of 530,341. The stock's fifty day simple moving average is $65.05 and its 200 day simple moving average is $65.07. Allete, Inc. has a 52-week low of $63.05 and a 52-week high of $66.46. 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 firm has a market cap of $3.67 billion, a P/E ratio of 19.97 and a beta of 0.84.

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

Allete Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.6%. Allete's payout ratio is 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.