ALLETE, Inc. (NYSE:ALE - Get Free Report) hit a new 52-week high on Friday . The company traded as high as $65.86 and last traded at $63.51, with a volume of 468932 shares trading hands. The stock had previously closed at $60.84.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on ALE. Guggenheim raised ALLETE from a "sell" rating to a "neutral" rating and set a $58.00 target price on the stock in a research note on Monday, January 22nd. Wells Fargo & Company lifted their price target on shares of ALLETE from $57.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 21st. Finally, Sidoti downgraded ALLETE from a "buy" rating to a "neutral" rating and set a $64.00 price objective for the company. in a report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $58.60.
Get Our Latest Analysis on ALLETE
ALLETE Stock Up 5.7 %
The company has a quick ratio of 0.78, a current ratio of 1.24 and a debt-to-equity ratio of 0.49. The firm's fifty day moving average is $58.53 and its 200-day moving average is $58.17. The stock has a market capitalization of $3.70 billion, a PE ratio of 15.11 and a beta of 0.75.
ALLETE (NYSE:ALE - Get Free Report) last released its earnings results on Tuesday, February 20th. The utilities provider reported $0.89 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.08). ALLETE had a net margin of 13.15% and a return on equity of 7.31%. The business had revenue of $402.70 million during the quarter, compared to analyst estimates of $425.21 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities research analysts predict that ALLETE, Inc. will post 3.75 earnings per share for the current year.
ALLETE Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.705 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.39%. ALLETE's payout ratio is 65.58%.
Institutional Investors Weigh In On ALLETE
A number of institutional investors have recently added to or reduced their stakes in ALE. Arizona State Retirement System lifted its stake in shares of ALLETE by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 16,319 shares of the utilities provider's stock valued at $862,000 after purchasing an additional 221 shares in the last quarter. Congress Asset Management Co. MA grew its stake in ALLETE by 1.3% during the first quarter. Congress Asset Management Co. MA now owns 18,431 shares of the utilities provider's stock worth $1,099,000 after buying an additional 233 shares during the period. Independent Advisor Alliance lifted its holdings in shares of ALLETE by 6.3% during the 4th quarter. Independent Advisor Alliance now owns 4,213 shares of the utilities provider's stock valued at $258,000 after acquiring an additional 249 shares in the last quarter. Fifth Third Bancorp boosted its position in ALLETE by 85.6% during the 3rd quarter. Fifth Third Bancorp now owns 566 shares of the utilities provider's stock worth $30,000 after purchasing an additional 261 shares during the period. Finally, Allworth Financial LP increased its holdings in ALLETE by 131.2% in the 4th quarter. Allworth Financial LP now owns 467 shares of the utilities provider's stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 76.55% of the company's stock.
About ALLETE
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider ALLETE, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ALLETE wasn't on the list.
While ALLETE currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
