DLD Asset Management LP Sells 6,679 Shares of Allete, Inc. $ALE

Key Points

• DLD Asset Management LP reduced its holdings in Allete, Inc. by 12% during the first quarter, owning 48,948 shares valued at approximately $3.22 million as of the latest reporting period.
• Allete reported a earnings per share (EPS) of $0.61 for the latest quarter, which fell short of analysts' expectations of $0.85, with revenues reaching $360.3 million compared to the consensus estimate of $425.3 million.
• The company declared a quarterly dividend of $0.73, amounting to an annualized dividend of $2.92 and a yield of 4.5%, with a payout ratio of 92.11%.

DLD Asset Management LP lowered its position in shares of Allete, Inc. (NYSE:ALE - Free Report) by 12.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,948 shares of the utilities provider's stock after selling 6,679 shares during the period. DLD Asset Management LP owned about 0.08% of Allete worth $3,216,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Allete during the 1st quarter valued at $1,000,000. Absolute Gestao de Investimentos Ltda. boosted its position in Allete by 52.9% during the 1st quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider's stock valued at $25,541,000 after buying an additional 134,578 shares during the period. Versor Investments LP bought a new position in Allete in the 1st quarter worth $3,715,000. Raymond James Financial Inc. raised its holdings in Allete by 4.0% in the 1st quarter. Raymond James Financial Inc. now owns 56,507 shares of the utilities provider's stock worth $3,712,000 after purchasing an additional 2,155 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in Allete by 0.8% in the 1st quarter. Neuberger Berman Group LLC now owns 401,940 shares of the utilities provider's stock worth $26,409,000 after purchasing an additional 3,267 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Trading Down 0.0%

NYSE ALE traded down $0.0240 during trading on Monday, hitting $64.5560. The company had a trading volume of 129,896 shares, compared to its average volume of 424,046. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. Allete, Inc. has a one year low of $63.00 and a one year high of $66.46. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 20.37 and a beta of 0.77. The company's fifty day moving average is $65.17 and its 200-day moving average is $65.25.

Allete (NYSE:ALE - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.24). Allete had a return on equity of 5.71% and a net margin of 11.98%.The company had revenue of $360.30 million during the quarter, compared to the consensus estimate of $425.30 million. During the same quarter last year, the company posted $0.82 earnings per share. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be issued a $0.73 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.92 annualized dividend and a yield of 4.5%. Allete's dividend payout ratio is 92.11%.

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.