ALLETE (ALE) Sets New 1-Year High at $81.25

ALLETE Inc (NYSE:ALE) hit a new 52-week high during trading on Friday . The company traded as high as $81.25 and last traded at $81.38, with a volume of 9372 shares traded. The stock had previously closed at $80.11.

A number of equities research analysts recently commented on the stock. Wells Fargo & Co raised their price objective on shares of ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. ValuEngine lowered shares of ALLETE from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Finally, Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a report on Wednesday, November 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $74.25.

The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.71 and a current ratio of 1.09. The company has a market cap of $4.12 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 3.95 and a beta of 0.17.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, November 1st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.08). ALLETE had a net margin of 11.12% and a return on equity of 7.46%. The business had revenue of $348.00 million during the quarter, compared to analyst estimates of $366.00 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. As a group, equities research analysts expect that ALLETE Inc will post 3.38 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th will be paid a $0.56 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.24 annualized dividend and a yield of 2.75%. ALLETE’s payout ratio is currently 70.22%.

In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of ALLETE stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total value of $302,800.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new position in shares of ALLETE in the 2nd quarter valued at about $114,000. Northwestern Mutual Wealth Management Co. grew its position in shares of ALLETE by 1,051.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock valued at $124,000 after acquiring an additional 1,462 shares during the period. FMR LLC bought a new position in shares of ALLETE in the 3rd quarter valued at about $122,000. Quantbot Technologies LP bought a new position in shares of ALLETE in the 3rd quarter valued at about $128,000. Finally, BerganKDV Wealth Management LLC grew its position in shares of ALLETE by 57.0% in the 3rd quarter. BerganKDV Wealth Management LLC now owns 1,987 shares of the utilities provider’s stock valued at $149,000 after acquiring an additional 721 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.

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About ALLETE (NYSE:ALE)

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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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