Shares of ALLETE Inc (NYSE:ALE) have earned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $79.06.
Several research analysts have recently weighed in on the company. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Zacks Investment Research raised ALLETE from a “strong sell” rating to a “hold” rating and set a $92.00 target price for the company in a research note on Monday, May 20th.
NYSE:ALE traded down $1.10 during trading hours on Friday, reaching $83.17. The company had a trading volume of 949 shares, compared to its average volume of 191,237. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.50 and a current ratio of 1.73. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 3.23 and a beta of 0.27. The stock has a 50 day moving average price of $83.17. ALLETE has a 1-year low of $72.42 and a 1-year high of $86.52.
ALLETE (NYSE:ALE) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.01). The business had revenue of $357.20 million for the quarter, compared to analyst estimates of $364.00 million. ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.99 earnings per share. On average, equities analysts anticipate that ALLETE will post 3.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Wednesday, May 15th were given a dividend of $0.5875 per share. This represents a $2.35 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s payout ratio is 65.10%.
In other ALLETE news, Director Madeleine W. Ludlow sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $82.51, for a total value of $165,020.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan R. Hodnik sold 4,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $82.24, for a total value of $328,960.00. Following the completion of the sale, the chief executive officer now owns 76,854 shares of the company’s stock, valued at $6,320,472.96. The disclosure for this sale can be found here. Insiders have sold 13,620 shares of company stock valued at $1,131,100 over the last quarter. 0.43% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of ALE. Vanguard Group Inc grew its stake in ALLETE by 1.4% during the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after acquiring an additional 71,585 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in ALLETE during the fourth quarter valued at approximately $325,000. Canada Pension Plan Investment Board purchased a new position in ALLETE during the fourth quarter valued at approximately $3,422,000. Comerica Bank grew its stake in ALLETE by 1.5% during the fourth quarter. Comerica Bank now owns 34,047 shares of the utilities provider’s stock valued at $2,549,000 after acquiring an additional 492 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in ALLETE by 0.3% during the fourth quarter. First Trust Advisors LP now owns 351,134 shares of the utilities provider’s stock valued at $26,763,000 after acquiring an additional 956 shares in the last quarter. Institutional investors own 71.65% of the company’s stock.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.
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