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. 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 145,000 retail customers and 15 non-affiliated municipal customers. It also owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. In addition, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 1,000 megawatts of wind energy generation facility. Further, it is involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. The company owns and operates 158 substations with a total capacity of 10,066 megavolt amperes. It serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industries. The company was formerly known as Minnesota Power, Inc. and changed its name to ALLETE, Inc. in May 2001. ALLETE, Inc. was incorporated in 1906 and is headquartered in Duluth, Minnesota.
ALLETE Trading Up 1.1 %
Shares of ALE traded up $0.67 during trading hours on Tuesday, reaching $61.98. The stock had a trading volume of 3,584 shares, compared to its average volume of 270,177. The company has a quick ratio of 0.43, a current ratio of 0.93 and a debt-to-equity ratio of 0.48. ALLETE has a 52 week low of $56.55 and a 52 week high of $72.72. The firm has a 50-day moving average of $59.61 and a 200 day moving average of $61.80. The company has a market cap of $3.54 billion, a P/E ratio of 17.13, a P/E/G ratio of 1.88 and a beta of 0.61.
ALLETE (NYSE:ALE - Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The utilities provider reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.14. ALLETE had a net margin of 12.89% and a return on equity of 6.29%. During the same period in the previous year, the company posted $0.53 earnings per share. On average, sell-side analysts expect that ALLETE will post 3.73 earnings per share for the current fiscal year.
ALLETE Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 15th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Friday, August 12th. ALLETE's dividend payout ratio is currently 71.82%.
Analyst Upgrades and Downgrades
ALE has been the subject of several research analyst reports. Bank of America initiated coverage on shares of ALLETE in a research report on Wednesday, May 25th. They issued a "neutral" rating and a $63.00 price objective for the company. StockNews.com cut shares of ALLETE from a "hold" rating to a "sell" rating in a research report on Thursday, August 4th.