Allete, Inc. $ALE Shares Sold by Boston Partners

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Boston Partners reduced its stake in Allete, Inc. (NYSE:ALE - Free Report) by 82.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,997 shares of the utilities provider's stock after selling 22,931 shares during the period. Boston Partners' holdings in Allete were worth $328,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its position in shares of Allete by 78.0% during the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after acquiring an additional 234 shares during the last quarter. Costello Asset Management INC purchased a new position in shares of Allete during the first quarter worth approximately $35,000. Hexagon Capital Partners LLC grew its position in shares of 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 acquiring an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Allete during the first quarter worth approximately $47,000. Finally, Cherry Tree Wealth Management LLC purchased a new position in shares of Allete during the first quarter worth approximately $49,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

Allete Stock Performance

Shares of ALE traded up $0.0940 during mid-day trading on Friday, reaching $64.5940. 463,078 shares of the company's stock were exchanged, compared to its average volume of 425,955. 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 stock has a market capitalization of $3.75 billion, a PE ratio of 20.38 and a beta of 0.77. The business's fifty day simple moving average is $65.17 and its 200-day simple moving average is $65.26. Allete, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results 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 for 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 business's revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business posted $0.82 earnings per share.

Allete Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, August 15th. Allete's dividend payout ratio (DPR) is 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.