Allete, Inc. (NYSE:ALE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 8.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 439,079 shares of the utilities provider's stock after selling 39,463 shares during the quarter. Bank of New York Mellon Corp owned 0.76% of Allete worth $28,847,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Allete by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock worth $616,000 after acquiring an additional 540 shares during the last quarter. Principal Financial Group Inc. increased its stake in Allete by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider's stock worth $12,384,000 after buying an additional 3,585 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Allete by 56.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,990 shares of the utilities provider's stock worth $656,000 after buying an additional 3,612 shares during the period. Sowell Financial Services LLC purchased a new position in Allete in the 1st quarter worth about $319,000. Finally, SG Americas Securities LLC purchased a new position in Allete in the 1st quarter worth about $622,000. Institutional investors own 76.55% of the company's stock.

Allete Trading Down 0.4%

ALE stock traded down $0.25 during trading on Thursday, hitting $65.65. The company had a trading volume of 891,304 shares, compared to its average volume of 356,326. The firm has a market capitalization of $3.81 billion, a P/E ratio of 20.58 and a beta of 0.79. Allete, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46. The company has a 50 day simple moving average of $64.98 and a 200-day simple moving average of $65.22. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54.

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

Allete Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date was Thursday, May 15th. Allete's dividend payout ratio (DPR) is 91.54%.

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.