Integrated Wealth Concepts LLC Lowers Stake in Allete, Inc. $ALE

Key Points

• Integrated Wealth Concepts LLC sold 5,104 shares of Allete, Inc., reducing its stake by 9.2% to 50,652 shares, valued at approximately $3.33 million.
• Allete reported $0.61 earnings per share in its latest quarterly results, missing estimates by $0.24 and generating $360.30 million in revenue, below analyst expectations.
• The company declared a quarterly dividend of $0.73, yielding 4.6%, with a dividend payout ratio of 92.11%.

Integrated Wealth Concepts LLC lessened its stake in shares of Allete, Inc. (NYSE:ALE - Free Report) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,652 shares of the utilities provider's stock after selling 5,104 shares during the quarter. Integrated Wealth Concepts LLC owned about 0.09% of Allete worth $3,328,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its holdings in shares of Allete by 13.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,371 shares of the utilities provider's stock worth $88,000 after buying an additional 164 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Allete by 44.5% in the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after buying an additional 182 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of 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 valued at $445,000 after acquiring an additional 185 shares during the period. State of Michigan Retirement System grew its position in shares of Allete by 1.5% during the 1st quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock valued at $910,000 after acquiring an additional 200 shares during the period. Finally, Louisiana State Employees Retirement System grew its position in shares of Allete by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the utilities provider's stock valued at $1,064,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 76.55% of the company's stock.

Allete Stock Performance

Shares of ALE stock traded down $0.33 during mid-day trading on Thursday, reaching $63.45. 656,941 shares of the company's stock traded hands, compared to its average volume of 439,378. Allete, Inc. has a 12 month low of $63.05 and a 12 month high of $66.46. The firm has a 50 day moving average price of $65.12 and a two-hundred day moving average price of $65.10. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34. The firm has a market capitalization of $3.68 billion, a PE ratio of 20.02 and a beta of 0.84.

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

Allete Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.92 annualized dividend and a yield of 4.6%. Allete's payout ratio is currently 92.11%.

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.