Wellington Management Group LLP Sells 10,191 Shares of Allete, Inc. $ALE

Key Points

• Wellington Management Group LLP has reduced its stake in Allete, Inc. by 15.5%, now owning 55,459 shares valued at approximately $3.64 million.
• Allete reported earnings of $0.61 per share for the last quarter, missing analysts' estimates of $0.85, while generating revenue of $360.3 million against expected figures of $425.3 million.
• The company announced a quarterly dividend of $0.73 per share, resulting in an annualized yield of 4.6%, with a high payout ratio of 92.11%.

Wellington Management Group LLP lessened its holdings in Allete, Inc. (NYSE:ALE - Free Report) by 15.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,459 shares of the utilities provider's stock after selling 10,191 shares during the period. Wellington Management Group LLP owned 0.10% of Allete worth $3,644,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALE. Wealth Enhancement Advisory Services LLC raised its position in shares of Allete by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock valued at $616,000 after purchasing an additional 540 shares during the period. Principal Financial Group Inc. raised its holdings in Allete by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 188,500 shares of the utilities provider's stock valued at $12,384,000 after acquiring an additional 3,585 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Allete by 56.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,990 shares of the utilities provider's stock valued at $656,000 after acquiring an additional 3,612 shares during the period. Sowell Financial Services LLC acquired a new stake in Allete during the first quarter worth approximately $319,000. Finally, Alpine Associates Management Inc. boosted its holdings in shares of Allete by 8.6% during the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider's stock worth $27,387,000 after acquiring an additional 33,000 shares during the period. 76.55% of the stock is owned by institutional investors.

Allete Stock Performance

Shares of Allete stock traded down $0.27 on Wednesday, hitting $63.44. The stock had a trading volume of 395,110 shares, compared to its average volume of 436,828. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 20.01 and a beta of 0.84. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Allete, Inc. has a twelve month low of $63.24 and a twelve month high of $66.46. The business's 50 day moving average is $65.19 and its two-hundred day moving average is $65.18.

Allete (NYSE:ALE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the business posted $0.82 earnings per share. The business's revenue for the quarter was up 1.6% on a year-over-year basis.

Allete Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.73 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.92 annualized dividend and a dividend yield of 4.6%. Allete's dividend payout ratio is 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.