Allete (NYSE:ALE) Sets New 52-Week High - What's Next?

Key Points

• Allete, Inc. (NYSE:ALE) reached a new 52-week high of $67.49, indicating strong trading performance with 70,858 shares changing hands.
• Despite hitting this high, Allete reported a missed earnings expectation of $0.61 EPS for the last quarter, falling short of analysts' estimates of $0.85.
• The company announced a quarterly dividend of $0.73, translating to an annual yield of 4.3%, with a payout ratio of 92.11%.

Allete, Inc. (NYSE:ALE - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $67.49 and last traded at $67.41, with a volume of 70858 shares traded. The stock had previously closed at $67.35.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of Allete in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold".

Allete Stock Performance

The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $65.07 and a 200 day simple moving average of $65.12. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.26 and a beta of 0.83.

Allete (NYSE:ALE - Get Free Report) last issued its earnings results on Thursday, August 7th. The utilities provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.24). Allete had a net margin of 11.98% and a return on equity of 5.71%. The company had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The business's revenue was up 1.6% on a year-over-year basis.

Allete Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, August 15th. Allete's payout ratio is presently 92.11%.

Hedge Funds Weigh In On Allete

Several hedge funds and other institutional investors have recently made changes to their positions in ALE. Farther Finance Advisors LLC boosted its position in shares of Allete by 6,155.6% during the first quarter. Farther Finance Advisors LLC now owns 2,815 shares of the utilities provider's stock worth $183,000 after buying an additional 2,770 shares during the period. GAMMA Investing LLC boosted its position in shares of Allete by 15.2% during the first quarter. GAMMA Investing LLC now owns 1,835 shares of the utilities provider's stock worth $121,000 after buying an additional 242 shares during the period. SG Americas Securities LLC acquired a new position in shares of Allete during the first quarter worth approximately $622,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Allete by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,371 shares of the utilities provider's stock worth $616,000 after buying an additional 540 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in shares of Allete by 2.9% during the first quarter. Exchange Traded Concepts LLC now owns 12,123 shares of the utilities provider's stock worth $796,000 after buying an additional 337 shares during the period. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.

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