D.A. Davidson & CO. Has $711,000 Stock Holdings in Allete, Inc. (NYSE:ALE)

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 234 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Allete by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after acquiring an additional 172 shares during the last quarter. Cherry Tree Wealth Management LLC bought a new position in Allete in the first quarter valued at approximately $49,000. Sound Income Strategies LLC boosted its stake in Allete by 646.7% in the first quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 789 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Allete in the fourth quarter valued at approximately $72,000. 76.55% of the stock is owned by institutional investors.

Allete Trading Up 1.7%

ALE stock traded up $1.13 during midday trading on Friday, reaching $66.10. The company's stock had a trading volume of 1,686,423 shares, compared to its average volume of 343,064. Allete, Inc. has a 52 week low of $63.00 and a 52 week high of $66.40. The stock has a market cap of $3.83 billion, a PE ratio of 20.72 and a beta of 0.79. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.54. The business's 50-day simple moving average is $64.93 and its 200-day simple moving average is $65.18.

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

Allete Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were issued a $0.73 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.92 annualized dividend and a yield of 4.42%. Allete's dividend payout ratio (DPR) is presently 91.54%.

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.