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

Deroy & Devereaux Private Investment Counsel Inc. trimmed its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ALE. Lazard Asset Management LLC grew its stake in Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock valued at $88,000 after acquiring an additional 164 shares during the period. Jones Financial Companies Lllp grew its position in shares of Allete by 30.9% in the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 172 shares during the period. State of Alaska Department of Revenue increased its stake in Allete by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 6,781 shares of the utilities provider's stock worth $445,000 after purchasing an additional 185 shares in the last quarter. UMB Bank n.a. increased its stake in Allete by 78.0% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after purchasing an additional 234 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Allete by 15.2% during the 1st quarter. GAMMA Investing LLC now owns 1,835 shares of the utilities provider's stock worth $121,000 after buying an additional 242 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Up 0.5%

Shares of Allete stock traded up $0.33 on Friday, hitting $65.10. The company had a trading volume of 323,946 shares, compared to its average volume of 335,977. The stock has a 50-day moving average of $64.95 and a 200-day moving average of $65.15. 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 twelve month low of $61.55 and a twelve month high of $66.40. The firm has a market capitalization of $3.77 billion, a P/E ratio of 20.41 and a beta of 0.79.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, hitting analysts' consensus estimates of $1.01. The firm had revenue of $400.20 million during 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%. During the same period in the prior year, the business earned $0.90 EPS. The company's revenue for the quarter was down .8% compared to the same quarter last year.

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 paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.49%. The ex-dividend date was Thursday, May 15th. Allete's payout ratio is 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.