ALLETE Inc (ALE) Chairman Sells $302,800.00 in Stock

ALLETE Inc (NYSE:ALE) Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $75.70, for a total value of $302,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

NYSE:ALE opened at $75.81 on Friday. ALLETE Inc has a 52 week low of $66.64 and a 52 week high of $81.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21. The stock has a market cap of $3.87 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 3.76 and a beta of 0.18.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The business had revenue of $344.10 million for the quarter, compared to analyst estimates of $343.00 million. During the same quarter last year, the business earned $0.72 earnings per share. ALLETE’s revenue was down 2.6% on a year-over-year basis. analysts expect that ALLETE Inc will post 3.34 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Wednesday, August 15th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Tuesday, August 14th. ALLETE’s dividend payout ratio (DPR) is presently 70.22%.

Several equities research analysts have weighed in on ALE shares. Zacks Investment Research raised ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine cut ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Guggenheim restated a “hold” rating and set a $71.00 target price on shares of ALLETE in a research report on Monday, July 23rd. Finally, Williams Capital cut ALLETE from a “buy” rating to a “hold” rating and dropped their target price for the company from $76.00 to $73.00 in a research report on Monday, June 11th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. ALLETE has a consensus rating of “Hold” and an average target price of $73.64.

Several large investors have recently bought and sold shares of ALE. Mesirow Financial Investment Management Equity Management lifted its stake in ALLETE by 1.8% in the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 292,912 shares of the utilities provider’s stock valued at $22,674,000 after buying an additional 5,180 shares in the last quarter. Monarch Partners Asset Management LLC lifted its stake in ALLETE by 19.2% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 87,750 shares of the utilities provider’s stock valued at $6,793,000 after buying an additional 14,130 shares in the last quarter. Eagle Boston Investment Management Inc. lifted its stake in ALLETE by 4.4% in the 2nd quarter. Eagle Boston Investment Management Inc. now owns 240,086 shares of the utilities provider’s stock valued at $18,585,000 after buying an additional 10,093 shares in the last quarter. Mason Street Advisors LLC lifted its stake in ALLETE by 93.1% in the 1st quarter. Mason Street Advisors LLC now owns 25,545 shares of the utilities provider’s stock valued at $1,846,000 after buying an additional 12,317 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in ALLETE by 56.1% in the 2nd quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock valued at $355,000 after buying an additional 1,653 shares in the last quarter. Hedge funds and other institutional investors own 73.26% of the company’s stock.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 16 non-affiliated municipal customers.

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