Cwm LLC Has $763,000 Position in Allete, Inc. $ALE

Key Points

• Cwm LLC increased its position in Allete, Inc. by 88.2% during the second quarter, bringing its total holdings to 11,914 shares valued at $763,000.
• The company's stock is currently rated as a "hold" by analysts, with Allete missing earnings estimates in its last release, reporting $0.61 EPS against an expected $0.85.
• Allete recently declared a quarterly dividend of $0.73 per share, yielding 4.3% annually, with a payout ratio of 92.11%.

Cwm LLC boosted its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 88.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,914 shares of the utilities provider's stock after purchasing an additional 5,582 shares during the quarter. Cwm LLC's holdings in Allete were worth $763,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Vanguard Personalized Indexing Management LLC grew its position in Allete by 29.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 12,531 shares of the utilities provider's stock valued at $803,000 after purchasing an additional 2,832 shares during the period. Inspire Investing LLC grew its position in Allete by 88.8% in the 2nd quarter. Inspire Investing LLC now owns 10,309 shares of the utilities provider's stock valued at $660,000 after purchasing an additional 4,850 shares during the period. IFP Advisors Inc grew its position in Allete by 3,456.3% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the utilities provider's stock valued at $40,000 after purchasing an additional 553 shares during the period. Truist Financial Corp grew its position in Allete by 5.1% in the 2nd quarter. Truist Financial Corp now owns 8,511 shares of the utilities provider's stock valued at $545,000 after purchasing an additional 412 shares during the period. Finally, GAMMA Investing LLC grew its position in Allete by 81.6% in the 2nd quarter. GAMMA Investing LLC now owns 3,333 shares of the utilities provider's stock valued at $214,000 after purchasing an additional 1,498 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Allete in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Allete currently has an average rating of "Hold".

Allete Price Performance

Shares of NYSE:ALE opened at $67.36 on Thursday. The stock has a market cap of $3.91 billion, a PE ratio of 21.25 and a beta of 0.83. Allete, Inc. has a 1-year low of $62.38 and a 1-year high of $67.49. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The stock's fifty day simple moving average is $65.23 and its two-hundred day simple moving average is $65.19.

Allete (NYSE:ALE - Get Free Report) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.61 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 the consensus estimate of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The company's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.82 earnings per share.

Allete Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Friday, August 15th. Allete's payout ratio is presently 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.

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