Deroy & Devereaux Private Investment Counsel Inc. Sells 24,394 Shares of Allete, Inc. (NYSE:ALE)

Deroy & Devereaux Private Investment Counsel Inc. decreased its stake in Allete, Inc. (NYSE:ALE - Free Report) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 279,069 shares of the utilities provider's stock after selling 24,394 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc. owned 0.48% of Allete worth $18,335,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased 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 valued at $412,464,000 after buying an additional 20,624 shares in the last quarter. AQR Arbitrage LLC increased its position in shares of Allete by 30.4% in the 4th quarter. AQR Arbitrage LLC now owns 847,472 shares of the utilities provider's stock valued at $54,781,000 after buying an additional 197,340 shares in the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Allete in the 4th quarter valued at $54,592,000. Charles Schwab Investment Management Inc. increased its position in shares of Allete by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 786,588 shares of the utilities provider's stock valued at $50,971,000 after buying an additional 20,245 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Allete by 14.1% in the 4th quarter. Northern Trust Corp now owns 758,828 shares of the utilities provider's stock valued at $49,172,000 after buying an additional 93,810 shares in the last quarter. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Up 0.2%

ALE stock traded up $0.10 during trading hours on Monday, reaching $64.96. 593,072 shares of the stock were exchanged, compared to its average volume of 337,578. The firm's 50-day moving average is $64.94 and its 200-day moving average is $65.17. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 20.36 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81. Allete, Inc. has a 12 month low of $62.01 and a 12 month high of $66.40.

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

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 dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend was Thursday, May 15th. Allete's dividend payout ratio (DPR) is presently 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.