Allete, Inc. (ALE) Expected to Post Earnings of $0.97 Per Share
Wall Street brokerages predict that Allete, Inc. (NYSE:ALE) will post earnings of $0.97 per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have provided estimates for Allete’s earnings, with the highest EPS estimate coming in at $1.06 and the lowest estimate coming in at $0.84. Allete posted earnings of $0.99 per share during the same quarter last year, which would suggest a negative year over year growth rate of 2%. The firm is scheduled to issue its next earnings results on Friday, November 3rd.
On average, analysts expect that Allete will report full-year earnings of $3.36 per share for the current financial year, with EPS estimates ranging from $3.26 to $3.43. For the next financial year, analysts expect that the firm will post earnings of $3.64 per share, with EPS estimates ranging from $3.46 to $3.86. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that cover Allete.
Allete (NYSE:ALE) last posted its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS 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 business had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $342.50 million. During the same period in the previous year, the company posted $0.50 earnings per share. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year.
Several equities analysts have commented on ALE shares. ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. BidaskClub upgraded Allete from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Williams Capital increased their price target on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a report on Monday, June 19th. Ladenburg Thalmann Financial Services increased their price target on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a report on Friday, June 9th. Finally, Zacks Investment Research upgraded Allete from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $78.67.
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In other news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s 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 filing with the SEC, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Allete by 15,718.2% in the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock worth $437,952,000 after acquiring an additional 6,427,188 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Allete by 3.6% in the second quarter. Vanguard Group Inc. now owns 4,960,166 shares of the utilities provider’s stock worth $355,545,000 after acquiring an additional 172,317 shares during the last quarter. Victory Capital Management Inc. grew its stake 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 acquiring an additional 4,111 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Allete by 93.8% in the second quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Allete by 4.1% in the second quarter. State Street Corp now owns 1,328,131 shares of the utilities provider’s stock worth $95,203,000 after acquiring an additional 52,526 shares during the last quarter. Institutional investors and hedge funds own 70.99% of the company’s stock.
Allete (NYSE ALE) traded up 0.04% on Friday, hitting $77.68. 190,357 shares of the stock were exchanged. The company’s 50 day moving average price is $76.06 and its 200-day moving average price is $71.70. Allete has a one year low of $56.48 and a one year high of $79.61. The company has a market cap of $3.96 billion, a P/E ratio of 22.85 and a beta of 0.48.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a $0.535 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $2.14 annualized dividend and a dividend yield of 2.75%. Allete’s payout ratio is 63.13%.
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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