Allete, Inc. $ALE Stock Holdings Lessened by Charles Schwab Investment Management Inc.

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

A number of other hedge funds also recently made changes to their positions in the business. ABC Arbitrage SA raised its holdings in shares of Allete by 68.5% during the first quarter. ABC Arbitrage SA now owns 83,253 shares of the utilities provider's stock valued at $5,470,000 after buying an additional 33,849 shares during the last quarter. Three Seasons Wealth LLC bought a new stake in Allete during the first quarter worth approximately $474,000. Atria Wealth Solutions Inc. bought a new stake in Allete during the first quarter worth approximately $213,000. Costello Asset Management INC bought a new stake in Allete during the first quarter worth approximately $35,000. Finally, Alberta Investment Management Corp raised its holdings in Allete by 784.6% during the first quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock worth $18,541,000 after purchasing an additional 250,302 shares in the last quarter. Institutional investors own 76.55% of the company's stock.

Allete Price Performance

NYSE:ALE traded down $0.0450 during midday trading on Thursday, hitting $64.5050. 332,113 shares of the stock were exchanged, compared to its average volume of 505,924. Allete, Inc. has a one year low of $63.00 and a one year high of $66.46. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 20.35 and a beta of 0.77. The business has a 50-day moving average price of $65.17 and a two-hundred day moving average price of $65.26. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.61 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 firm had revenue of $360.30 million for the quarter, compared to the consensus estimate of $425.30 million. During the same period in the previous year, the firm earned $0.82 EPS. Allete's revenue for the quarter was up 1.6% on a year-over-year basis.

Allete Announces Dividend

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