ALLETE Inc (ALE) Given Average Rating of “Hold” by Brokerages

Shares of ALLETE Inc (NYSE:ALE) have received a consensus recommendation of “Hold” from the seven research firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $71.70.

Several brokerages have recently issued reports on ALE. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Guggenheim reissued a “hold” rating and set a $71.00 price target on shares of ALLETE in a research report on Monday, July 23rd. ValuEngine cut shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Finally, Wells Fargo & Co increased their price target on shares of ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th.

NYSE ALE traded up $0.09 during trading hours on Thursday, reaching $76.40. The company had a trading volume of 84,268 shares, compared to its average volume of 265,796. The stock has a market capitalization of $3.88 billion, a P/E ratio of 23.95, a PEG ratio of 3.72 and a beta of 0.17. ALLETE has a 1-year low of $66.64 and a 1-year high of $81.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.09 and a quick ratio of 0.71.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, November 1st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.08). The business had revenue of $348.00 million for the quarter, compared to analyst estimates of $366.00 million. ALLETE had a return on equity of 7.46% and a net margin of 11.12%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 EPS. As a group, analysts anticipate that ALLETE will post 3.38 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Thursday, November 15th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.24 annualized dividend and a yield of 2.93%. ALLETE’s dividend payout ratio (DPR) is 70.22%.

In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 13th. The shares were 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 is available through this link. Also, Director James J. Hoolihan sold 800 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $76.49, for a total transaction of $61,192.00. Following the completion of the transaction, the director now owns 13,632 shares in the company, valued at $1,042,711.68. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in ALE. Royal Bank of Canada increased its stake in ALLETE by 40.2% in the first quarter. Royal Bank of Canada now owns 64,598 shares of the utilities provider’s stock valued at $4,669,000 after purchasing an additional 18,528 shares during the last quarter. Bank of Montreal Can increased its stake in ALLETE by 56.1% in the second quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock valued at $355,000 after purchasing an additional 1,653 shares during the last quarter. Twele Capital Management Inc. purchased a new position in ALLETE in the second quarter valued at approximately $210,000. Zeke Capital Advisors LLC purchased a new position in ALLETE in the second quarter valued at approximately $202,000. Finally, Acadian Asset Management LLC increased its stake in ALLETE by 94.3% in the second quarter. Acadian Asset Management LLC now owns 25,043 shares of the utilities provider’s stock valued at $1,938,000 after purchasing an additional 12,153 shares during the last quarter. Institutional investors own 73.53% 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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Analyst Recommendations for ALLETE (NYSE:ALE)

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