ALLETE Inc (NYSE:ALE) declared a quarterly dividend on Thursday, October 25th, RTT News reports. Stockholders of record on Thursday, November 15th will be paid a dividend of 0.56 per share by the utilities provider on Saturday, December 1st. This represents a $2.24 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Wednesday, November 14th.
ALLETE has raised its dividend by an average of 3.0% per year over the last three years and has increased its dividend every year for the last 7 years. ALLETE has a payout ratio of 67.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ALLETE to earn $3.56 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 62.9%.
Shares of NYSE:ALE opened at $77.65 on Tuesday. ALLETE has a 1-year low of $66.64 and a 1-year high of $81.24. The company has a quick ratio of 0.71, a current ratio of 1.09 and a debt-to-equity ratio of 0.69. The firm has a market cap of $3.95 billion, a PE ratio of 25.28, a P/E/G ratio of 3.78 and a beta of 0.17.
Several equities research analysts recently commented on ALE shares. Zacks Investment Research upgraded ALLETE from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a report on Thursday, October 11th. ValuEngine upgraded ALLETE from a “hold” rating to a “buy” rating in a report on Monday, October 8th. Guggenheim reiterated a “hold” rating and issued a $71.00 price objective on shares of ALLETE in a report on Monday, July 23rd. Finally, Wells Fargo & Co lifted their price objective on ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $74.25.
In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $75.70, for a total transaction of $302,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James J. Hoolihan sold 800 shares of the business’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $76.49, for a total value of $61,192.00. Following the sale, the director now owns 13,632 shares of the company’s stock, valued at $1,042,711.68. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.
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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