Allete Inc. (ALE) Sees Unusually-High Trading Volume
Allete Inc. (NYSE:ALE) saw unusually-high trading volume on Thursday . Approximately 305,473 shares changed hands during 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.
Several analysts have issued reports on ALE shares. Williams Capital upgraded shares of Allete from a “hold” rating to a “buy” rating and increased their target price for the stock from $60.00 to $63.00 in a research note on Wednesday, May 25th. KeyCorp reiterated an “outperform” rating and issued a $65.50 target price (up from $61.50) on shares of Allete in a research note on Friday, July 1st. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Friday, May 27th. Finally, JPMorgan Chase & Co. reiterated a “sell” rating on shares of Allete in a research note on Monday, July 4th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $62.10.
The company has a 50-day moving average price of $62.44 and a 200 day moving average price of $58.31. The company has a market cap of $2.97 billion and a PE ratio of 19.72.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates 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. During the same period in the previous year, the company earned $0.48 EPS. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities research analysts expect that Allete Inc. will post $3.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, August 15th will be paid a $0.52 dividend. The ex-dividend date is Thursday, August 11th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.46%.
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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