Allete, Inc. (ALE) Sets New 12-Month High at $75.49
Allete, Inc. (NYSE:ALE) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $75.49 and last traded at $75.50, with a volume of 42,196 shares trading hands. The stock had previously closed at $75.07.
A number of research analysts have issued reports 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 “buy” rating to a “strong-buy” rating in a research note on Tuesday. Ladenburg Thalmann Financial Services upped their price target on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. Finally, Williams Capital upped their price target on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Allete has a consensus rating of “Buy” and a consensus target price of $75.38.
The stock’s 50-day moving average price is $72.71 and its 200 day moving average price is $70.15. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 22.47 and a beta of 0.48.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $342.50 million. During the same quarter last year, the company earned $0.50 earnings per share. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities research analysts expect that Allete, Inc. will post $3.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a dividend of $0.535 per share. The ex-dividend date is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.80%. Allete’s payout ratio is currently 63.13%.
In other news, 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 SEC, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in ALE. State of Alaska Department of Revenue boosted its position in shares of Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock worth $375,000 after buying an additional 170 shares during the last quarter. Blackstart Capital LP acquired a new position in shares of Allete during the first quarter worth approximately $5,883,000. Jane Street Group LLC acquired a new position in shares of Allete during the first quarter worth approximately $363,000. Victory Capital Management Inc. boosted its position in shares of Allete by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock worth $103,033,000 after buying an additional 4,111 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Allete by 1.3% in the first quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock worth $6,793,000 after buying an additional 1,270 shares during the last quarter. 73.28% of the stock is currently owned by institutional investors and hedge funds.
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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.