D.A. Davidson & CO. Sells 5,711 Shares of Allete, Inc. (NYSE:ALE)

D.A. Davidson & CO. trimmed its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 34.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,827 shares of the utilities provider's stock after selling 5,711 shares during the period. D.A. Davidson & CO.'s holdings in Allete were worth $711,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Allete by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,365,190 shares of the utilities provider's stock worth $412,464,000 after acquiring an additional 20,624 shares during the period. AQR Arbitrage LLC lifted its position in Allete by 30.4% in the fourth quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock worth $54,781,000 after purchasing an additional 197,340 shares during the period. Highbridge Capital Management LLC bought a new position in Allete in the fourth quarter worth $54,592,000. Charles Schwab Investment Management Inc. lifted its position in Allete by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider's stock worth $50,971,000 after purchasing an additional 20,245 shares during the period. Finally, Northern Trust Corp lifted its position in Allete by 14.1% in the fourth quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider's stock worth $49,172,000 after purchasing an additional 93,810 shares during the period. Institutional investors own 76.55% of the company's stock.

Allete Stock Performance

NYSE:ALE opened at $64.95 on Thursday. Allete, Inc. has a 1 year low of $62.63 and a 1 year high of $66.40. The firm has a 50 day moving average of $64.92 and a 200-day moving average of $65.16. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $3.77 billion, a P/E ratio of 20.36 and a beta of 0.79.

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

Allete Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 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 4.50%. The ex-dividend date of this dividend was Thursday, May 15th. Allete's dividend payout ratio (DPR) is 91.54%.

Allete 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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