Victory Capital Management Inc. Sells 16,348 Shares of Allete, Inc. (NYSE:ALE)

Key Points

• Victory Capital Management Inc. has reduced its stake in Allete, Inc. by 60.7%, now holding 10,598 shares valued at approximately $696,000.
• Despite the reduction by Victory Capital, other institutional investors, such as CWM LLC and Nisa Investment Advisors, have increased their stakes in Allete, highlighting 76.55% of the stock being owned by institutional investors.
• Allete declared a $0.73 quarterly dividend, yielding 4.4%, with an upcoming payout on September 1st for investors of record as of August 15th.

Victory Capital Management Inc. cut its stake in Allete, Inc. (NYSE:ALE - Free Report) by 60.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,598 shares of the utilities provider's stock after selling 16,348 shares during the period. Victory Capital Management Inc.'s holdings in Allete were worth $696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. LPL Financial LLC raised its holdings in Allete by 40.3% during the fourth quarter. LPL Financial LLC now owns 22,159 shares of the utilities provider's stock worth $1,436,000 after acquiring an additional 6,367 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Allete by 16.5% during the fourth quarter. JPMorgan Chase & Co. now owns 352,124 shares of the utilities provider's stock worth $22,818,000 after acquiring an additional 49,993 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in Allete by 84.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 5,807 shares of the utilities provider's stock worth $376,000 after acquiring an additional 2,651 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Allete by 3.5% in the fourth quarter. Alliancebernstein L.P. now owns 368,115 shares of the utilities provider's stock valued at $23,854,000 after acquiring an additional 12,353 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Allete in the fourth quarter valued at approximately $73,000. 76.55% of the stock is owned by institutional investors and hedge funds.

Allete Price Performance

Shares of NYSE ALE traded down $0.15 during midday trading on Tuesday, reaching $66.00. The company's stock had a trading volume of 232,791 shares, compared to its average volume of 411,426. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.26. Allete, Inc. has a fifty-two week low of $63.00 and a fifty-two week high of $66.46. The business's 50 day moving average price is $65.13 and its two-hundred day moving average price is $65.28. The company has a market cap of $3.83 billion, a P/E ratio of 20.69 and a beta of 0.77.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. The company had revenue of $400.20 million during the quarter, compared to the consensus estimate of $456.30 million. Allete had a net margin of 12.10% and a return on equity of 6.05%. The firm's quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share.

Allete Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.92 annualized dividend and a dividend yield of 4.4%. Allete's payout ratio is currently 91.54%.

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.