Charles Schwab Investment Management Inc. Lowers Stake in Allete, Inc. $ALE

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Allete, Inc. by 1.0%, now holding approximately 778,633 shares valued at $51.16 million.
• In its latest earnings report, Allete missed the consensus EPS estimate of $0.85, reporting only $0.61, with revenues also falling short at $360.3 million.
• Allete announced a quarterly dividend of $0.73 per share, reflecting a 4.5% yield with a payout ratio of 92.11%.

Charles Schwab Investment Management Inc. cut its stake in Allete, Inc. (NYSE:ALE - Free Report) by 1.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 778,633 shares of the utilities provider's stock after selling 7,955 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.34% of Allete worth $51,156,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. ABC Arbitrage SA grew its holdings in shares of Allete by 68.5% in the first quarter. ABC Arbitrage SA now owns 83,253 shares of the utilities provider's stock valued at $5,470,000 after purchasing an additional 33,849 shares during the period. Three Seasons Wealth LLC acquired a new position in Allete in the 1st quarter valued at about $474,000. Atria Wealth Solutions Inc. purchased a new stake in shares of Allete in the 1st quarter valued at approximately $213,000. Costello Asset Management INC purchased a new stake in shares of Allete in the 1st quarter valued at approximately $35,000. Finally, Alberta Investment Management Corp increased its holdings in shares of Allete by 784.6% during the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock worth $18,541,000 after buying an additional 250,302 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Trading Down 0.2%

Shares of ALE stock traded down $0.14 during trading on Wednesday, hitting $64.48. 248,342 shares of the stock traded hands, compared to its average volume of 423,388. Allete, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46. The firm has a market capitalization of $3.74 billion, a P/E ratio of 20.35 and a beta of 0.77. The firm's fifty day moving average price is $65.20 and its 200-day moving average price is $65.28. 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 (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 return on equity of 5.71% and a net margin of 11.98%.The business had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. During the same period last year, the business earned $0.82 EPS. Allete's revenue was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

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