7,213 Shares in Allete, Inc. (NYSE:ALE) Purchased by Three Seasons Wealth LLC

Key Points

• Three Seasons Wealth LLC acquired 7,213 shares of Allete, Inc. (NYSE: ALE) in the first quarter, valued at approximately $474,000.
• Allete recently announced a quarterly dividend of $0.73 per share with a dividend yield of 4.4%, scheduled for payment on September 1st.
• The company reported $1.01 earnings per share for the last quarter, aligning with consensus estimates, though revenue fell short of expectations at $400.2 million.

Three Seasons Wealth LLC bought a new position in shares of Allete, Inc. (NYSE:ALE - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,213 shares of the utilities provider's stock, valued at approximately $474,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. UMB Bank n.a. increased its holdings in shares of 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 buying an additional 234 shares during the last quarter. Costello Asset Management INC purchased a new position in Allete in the first quarter worth approximately $35,000. Hexagon Capital Partners LLC increased its stake 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. Cherry Tree Wealth Management LLC purchased a new stake in Allete in the first quarter valued at $49,000. Finally, Sound Income Strategies LLC lifted its stake in shares of Allete by 646.7% in the 1st quarter. Sound Income Strategies LLC now owns 911 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 789 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Trading Down 0.4%

Shares of NYSE ALE traded down $0.25 during mid-day trading on Thursday, reaching $65.61. 787,086 shares of the company's stock were exchanged, compared to its average volume of 683,601. The company's 50-day moving average is $65.17 and its 200-day moving average is $65.29. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 20.57 and a beta of 0.77. Allete, Inc. has a 52-week low of $63.00 and a 52-week high of $66.46.

Allete (NYSE:ALE - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). Allete had a net margin of 12.10% and a return on equity of 6.05%. The company had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. During the same period in the previous year, the company earned $0.82 EPS. The company's quarterly revenue was up 1.6% compared to the same quarter last year.

Allete Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, August 15th. Allete's dividend payout ratio (DPR) is 91.54%.

About Allete

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.