Victory Capital Management Inc. Trims Stock Holdings in 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. lessened its holdings in shares of Allete, Inc. (NYSE:ALE - Free Report) by 60.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. 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 SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ALE. CWM LLC lifted its position in shares of Allete by 49.1% during the 1st quarter. CWM LLC now owns 6,332 shares of the utilities provider's stock valued at $416,000 after acquiring an additional 2,084 shares during the period. Louisiana State Employees Retirement System increased its position in Allete by 1.3% in 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 buying an additional 200 shares in the last quarter. State of Michigan Retirement System raised its stake in Allete by 1.5% during the 1st quarter. State of Michigan Retirement System now owns 13,846 shares of the utilities provider's stock worth $910,000 after buying an additional 200 shares during the period. Alps Advisors Inc. raised its stake in Allete by 7.8% during the 1st quarter. Alps Advisors Inc. now owns 20,262 shares of the utilities provider's stock worth $1,331,000 after buying an additional 1,464 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in Allete by 14.7% in the first quarter. Nisa Investment Advisors LLC now owns 52,397 shares of the utilities provider's stock valued at $3,442,000 after acquiring an additional 6,708 shares during the period. Institutional investors and hedge funds own 76.55% of the company's stock.

Allete Stock Down 0.1%

Shares of ALE traded down $0.08 during trading hours on Friday, reaching $65.85. The stock had a trading volume of 350,458 shares, compared to its average volume of 663,064. The firm has a 50-day simple moving average of $65.11 and a 200 day simple moving average of $65.28. Allete, Inc. has a 12 month low of $63.00 and a 12 month high of $66.46. The company has a current ratio of 1.26, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 20.64 and a beta of 0.77.

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

Allete Announces Dividend

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