Allete Inc. (ALE) Sees Large Volume Increase
Allete Inc. (NYSE:ALE) shares saw unusually-high trading volume on Thursday . Approximately 305,473 shares traded hands during mid-day trading, an increase of 66% from the previous session’s volume of 184,542 shares.The stock last traded at $60.06 and had previously closed at $59.93.
ALE has been the subject of several research reports. JPMorgan Chase & Co. restated a “sell” rating on shares of Allete in a research note on Monday, July 4th. Zacks Investment Research downgraded Allete from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Williams Capital upgraded Allete from a “hold” rating to a “buy” rating and lifted their price target for the company from $60.00 to $63.00 in a research note on Wednesday, May 25th. Finally, KeyCorp reiterated an “outperform” rating and set a $65.50 price target (up previously from $61.50) on shares of Allete in a research note on Friday, July 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $62.10.
The firm has a market cap of $2.91 billion and a PE ratio of 19.36. The firm has a 50-day moving average price of $62.31 and a 200 day moving average price of $58.35.
Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by $0.01. The firm had revenue of $314.80 million for the quarter, compared to analysts’ expectations of $326.70 million. The company’s revenue was down 2.6% on a year-over-year basis. During the same period last year, the business posted $0.48 earnings per share. Analysts forecast that Allete Inc. will post $3.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, August 15th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Thursday, August 11th.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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