Insider Selling: ALLETE Inc (ALE) CFO Sells 2,885 Shares of Stock

ALLETE Inc (NYSE:ALE) CFO Robert John Adams sold 2,885 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $82.45, for a total value of $237,868.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Shares of ALE stock opened at $81.94 on Wednesday. ALLETE Inc has a 1-year low of $70.46 and a 1-year high of $84.26. The stock has a market cap of $4.24 billion, a P/E ratio of 22.70, a P/E/G ratio of 3.16 and a beta of 0.28. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.50 and a current ratio of 1.73.

ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The company had revenue of $357.20 million for the quarter, compared to the consensus estimate of $364.00 million. During the same period in the previous year, the business earned $0.99 EPS. ALLETE’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts anticipate that ALLETE Inc will post 3.61 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Wednesday, May 15th will be given a dividend of $0.5875 per share. This represents a $2.35 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Tuesday, May 14th. ALLETE’s payout ratio is currently 65.10%.

A number of brokerages recently weighed in on ALE. Zacks Investment Research downgraded ALLETE from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and raised their price objective for the company from $69.00 to $76.00 in a research report on Tuesday, February 19th. Finally, Mizuho downgraded ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 price objective on the stock. in a research report on Monday, February 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. ALLETE currently has a consensus rating of “Hold” and an average price target of $78.46.

A number of hedge funds have recently modified their holdings of ALE. FMR LLC boosted its position in ALLETE by 13,073.2% during the fourth quarter. FMR LLC now owns 214,459 shares of the utilities provider’s stock valued at $16,346,000 after purchasing an additional 212,831 shares in the last quarter. AQR Capital Management LLC boosted its position in ALLETE by 76.8% during the first quarter. AQR Capital Management LLC now owns 367,273 shares of the utilities provider’s stock valued at $30,201,000 after purchasing an additional 159,482 shares in the last quarter. BlackRock Inc. boosted its position in ALLETE by 2.6% during the fourth quarter. BlackRock Inc. now owns 6,117,904 shares of the utilities provider’s stock valued at $466,306,000 after purchasing an additional 154,336 shares in the last quarter. State of Tennessee Treasury Department acquired a new stake in ALLETE in the first quarter worth about $5,889,000. Finally, Vanguard Group Inc boosted its holdings in ALLETE by 1.4% in the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock worth $383,197,000 after acquiring an additional 71,585 shares in the last quarter. 70.30% of the stock is currently owned by institutional investors.

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About ALLETE

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, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility 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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