DLD Asset Management LP Sells 6,679 Shares of Allete, Inc. $ALE

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 lowered its stake in Allete, Inc. (NYSE:ALE - Free Report) by 12.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,948 shares of the utilities provider's stock after selling 6,679 shares during the quarter. DLD Asset Management LP owned approximately 0.08% of Allete worth $3,216,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ALE. UMB Bank n.a. increased 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 valued at $35,000 after acquiring an additional 234 shares during the last quarter. Costello Asset Management INC acquired a new position in Allete during the first quarter worth approximately $35,000. Hexagon Capital Partners LLC increased its position in Allete by 44.5% during 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 during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Allete during the first quarter worth approximately $47,000. Finally, Cherry Tree Wealth Management LLC acquired a new position in Allete during the first quarter worth approximately $49,000. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Performance

NYSE ALE traded up $1.53 during trading on Wednesday, reaching $63.98. 323,659 shares of the company's stock were exchanged, compared to its average volume of 441,358. The business has a 50 day moving average price of $64.96 and a 200-day moving average price of $65.03. The stock has a market capitalization of $3.71 billion, a P/E ratio of 20.19 and a beta of 0.84. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. Allete, Inc. has a fifty-two week low of $62.38 and a fifty-two week high of $66.46.

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). Allete had a return on equity of 5.71% and a net margin of 11.98%.The firm had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same quarter in the prior year, the firm earned $0.82 EPS. The company's revenue was up 1.6% on a year-over-year basis.

Allete Dividend Announcement

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