Allete, Inc. $ALE Stake Cut by Millennium Management LLC

Key Points

• Millennium Management LLC has reduced its stake in Allete, Inc. by 23%, owning 697,650 shares valued at approximately $45.8 million after selling over 208,000 shares in the first quarter.
• Despite Millennium's reduction, other institutional investors have increased their positions, with AQR Arbitrage LLC raising its stake by 39.7% to 1,183,682 shares, valued at about $77.8 million.
• Allete recently reported a quarterly EPS of $0.61, missing analysts’ expectations, and declared a quarterly dividend of $0.73, representing an annual yield of 4.6% with a payout ratio of 92.11%.

Millennium Management LLC lowered its position in Allete, Inc. (NYSE:ALE - Free Report) by 23.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,650 shares of the utilities provider's stock after selling 208,391 shares during the quarter. Millennium Management LLC owned 1.20% of Allete worth $45,836,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in shares of Allete by 78.0% in the first quarter. UMB Bank n.a. now owns 534 shares of the utilities provider's stock worth $35,000 after acquiring an additional 234 shares in the last quarter. Costello Asset Management INC purchased a new stake in Allete during the 1st quarter worth approximately $35,000. Hexagon Capital Partners LLC raised its position in shares of Allete by 44.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Allete during the 1st quarter valued at approximately $47,000. Finally, Cherry Tree Wealth Management LLC acquired a new stake in shares of Allete during the first quarter worth approximately $49,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

Allete Stock Down 0.3%

Shares of NYSE:ALE traded down $0.18 during midday trading on Friday, reaching $63.30. The company had a trading volume of 413,858 shares, compared to its average volume of 550,639. The stock has a market capitalization of $3.67 billion, a P/E ratio of 19.97 and a beta of 0.84. The stock's fifty day moving average price is $65.05 and its 200-day moving average price is $65.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. Allete, Inc. has a one year low of $63.05 and a one year high of $66.46.

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

Allete Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given 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 dividend yield of 4.6%. Allete's dividend payout ratio (DPR) is presently 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.