Allete, Inc. (ALE) Director Sells $187,075.00 in Stock

Allete, Inc. (NYSE:ALE) Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Allete, Inc. (NYSE ALE) traded up 0.78% during midday trading on Friday, reaching $75.07. 209,981 shares of the company traded hands. The stock’s 50 day moving average is $72.60 and its 200 day moving average is $70.00. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 22.09 and a beta of 0.48. Allete, Inc. has a one year low of $56.48 and a one year high of $75.26.

Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.17. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. Allete’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 earnings per share. On average, equities analysts anticipate that Allete, Inc. will post $3.38 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be paid a $0.535 dividend. This represents a $2.14 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, August 11th. Allete’s dividend payout ratio is currently 63.13%.

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A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Williams Capital raised their price target on shares of Allete from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Finally, Ladenburg Thalmann Financial Services lifted their target price on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $75.38.

A number of hedge funds have recently modified their holdings of the company. Adams Diversified Equity Fund Inc. raised its stake in Allete by 2.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 17,500 shares of the utilities provider’s stock worth $1,185,000 after buying an additional 500 shares during the period. Breton Hill Capital Ltd. raised its stake in Allete by 311.0% in the first quarter. Breton Hill Capital Ltd. now owns 18,778 shares of the utilities provider’s stock worth $1,271,000 after buying an additional 14,209 shares during the period. Russell Investments Group Ltd. raised its stake in Allete by 7.3% in the first quarter. Russell Investments Group Ltd. now owns 406,034 shares of the utilities provider’s stock worth $27,488,000 after buying an additional 27,709 shares during the period. Glen Harbor Capital Management LLC raised its stake in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the period. Finally, Mesirow Financial Investment Management Equity Management bought a new stake in Allete during the first quarter worth $23,331,000. 73.28% of the stock is owned by institutional investors and hedge funds.

Allete Company Profile

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

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