Allete, Inc. $ALE Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Allete, Inc. by 1.8%, owning approximately $48.98 million worth of shares as of the end of the most recent quarter.
• Allete reported earnings of $0.61 per share for the last quarter, which missed analysts' expectations of $0.85 per share, alongside revenue of $360.30 million.
• The company has declared a quarterly dividend of $0.73, yielding 4.5% annually, with a payout ratio currently at 92.11%.

Northern Trust Corp trimmed its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 745,512 shares of the utilities provider's stock after selling 13,316 shares during the period. Northern Trust Corp owned about 1.29% of Allete worth $48,980,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. UMB Bank n.a. boosted its position in Allete by 78.0% during 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 during the last quarter. Costello Asset Management INC acquired a new stake in Allete during the first quarter worth approximately $35,000. Hexagon Capital Partners LLC boosted its position in Allete by 44.5% during the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after acquiring an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Allete during the first quarter worth approximately $47,000. Finally, Cherry Tree Wealth Management LLC acquired a new stake in Allete during the first quarter worth approximately $49,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

Allete Trading Down 0.8%

NYSE ALE traded down $0.50 during mid-day trading on Tuesday, reaching $63.65. 1,044,186 shares of the stock were exchanged, compared to its average volume of 564,287. Allete, Inc. has a 1-year low of $63.25 and a 1-year high of $66.46. The business's fifty day simple moving average is $65.19 and its 200 day simple moving average is $65.18. The stock has a market capitalization of $3.69 billion, a PE ratio of 20.08 and a beta of 0.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 1.34.

Allete (NYSE:ALE - Get Free Report) last announced its earnings results 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 return on equity of 5.71% and a net margin of 11.98%.The firm had revenue of $360.30 million for the quarter, compared to analyst estimates of $425.30 million. During the same quarter last year, the business posted $0.82 EPS. The firm's revenue was up 1.6% compared to the same quarter last year.

Allete Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.73 per share. The ex-dividend date was Friday, August 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.6%. Allete's dividend payout ratio (DPR) 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.