Allete, Inc. (NYSE:ALE) Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. During the same period in the previous year, the business earned $0.50 EPS. The company’s revenue was up 12.2% on a year-over-year basis.

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 dividend of $0.535 per share. This represents a $2.14 annualized dividend and a yield of 2.86%. The ex-dividend date is Friday, August 11th. Allete’s dividend payout ratio (DPR) is currently 63.13%.

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Several institutional investors have recently bought and sold shares of ALE. Amalgamated Bank increased its position in Allete by 0.8% in the first quarter. Amalgamated Bank now owns 6,318 shares of the utilities provider’s stock worth $428,000 after buying an additional 49 shares during the period. Bronfman E.L. Rothschild L.P. increased its position in Allete by 2.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares during the period. Municipal Employees Retirement System of Michigan increased its position in Allete by 0.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock worth $763,000 after buying an additional 60 shares during the period. World Asset Management Inc increased its position in Allete by 2.7% in the first quarter. World Asset Management Inc now owns 3,203 shares of the utilities provider’s stock worth $217,000 after buying an additional 84 shares during the period. Finally, LS Investment Advisors LLC increased its position in Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the period. 72.64% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have recently commented on ALE shares. Williams Capital lifted their price objective on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Ladenburg Thalmann Financial Services lifted their price objective on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Zacks Investment Research raised Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Wednesday, July 26th. Finally, BidaskClub raised Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Allete has an average rating of “Buy” and a consensus price target of $75.38.

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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