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Charles Schwab Investment Management Inc. lowered its position in Allete, Inc. (NYSE:ALE – Free Report) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 778,633 shares of the utilities provider’s stock after selling 7,955 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.34% of Allete worth $51,156,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in 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 acquiring an additional 540 shares during the period. Principal Financial Group Inc. lifted its holdings in Allete by 1.9% in the first 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. lifted its holdings in Allete by 56.6% in the first 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 position in Allete in the first quarter valued at approximately $319,000. Finally, Alpine Associates Management Inc. lifted its holdings in Allete by 8.6% in the first quarter. Alpine Associates Management Inc. now owns 416,847 shares of the utilities provider’s stock valued at $27,387,000 after acquiring an additional 33,000 shares during the period. Hedge funds and other institutional investors own 76.55% of the company’s stock.
Allete Trading Down 1.2%
Shares of ALE stock opened at $64.97 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 20.50 and a beta of 0.77. The stock has a 50 day simple moving average of $65.22 and a 200-day simple moving average of $65.29. Allete, Inc. has a 1-year low of $63.00 and a 1-year high of $66.46.
Allete (NYSE:ALE – Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.24). The firm had revenue of $360.30 million for the quarter, compared to analysts’ expectations of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share.
Allete Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.92 annualized dividend and a yield of 4.5%. Allete’s dividend payout ratio is presently 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.
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