ALLETE, Inc. (NYSE:ALE – Get Free Report) announced a quarterly dividend on Friday, January 26th, Zacks reports. Investors of record on Thursday, February 15th will be paid a dividend of 0.705 per share by the utilities provider on Friday, March 1st. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Wednesday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.68.
ALLETE has increased its dividend payment by an average of 3.1% per year over the last three years and has increased its dividend every year for the last 14 years. ALLETE has a dividend payout ratio of 66.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ALLETE to earn $4.14 per share next year, which means the company should continue to be able to cover its $2.82 annual dividend with an expected future payout ratio of 68.1%.
ALLETE Trading Up 0.9 %
Shares of ALE stock opened at $58.29 on Monday. The company has a 50-day moving average of $60.36 and a two-hundred day moving average of $56.85. The firm has a market cap of $3.35 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.74 and a beta of 0.77. ALLETE has a 1-year low of $49.29 and a 1-year high of $66.69. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.22 and a quick ratio of 0.78.
Wall Street Analysts Forecast Growth
Institutional Trading of ALLETE
A number of hedge funds and other institutional investors have recently bought and sold shares of ALE. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of ALLETE during the 4th quarter worth approximately $314,000. Janney Montgomery Scott LLC acquired a new position in ALLETE during the 4th quarter worth approximately $388,000. Comerica Bank acquired a new position in shares of ALLETE during the 3rd quarter worth $1,335,000. Creative Planning lifted its position in shares of ALLETE by 41.6% during the 3rd quarter. Creative Planning now owns 6,938 shares of the utilities provider’s stock valued at $366,000 after acquiring an additional 2,037 shares during the period. Finally, Tudor Investment Corp Et Al acquired a new stake in ALLETE in the third quarter valued at $707,000. 75.94% of the stock is currently owned by institutional investors and hedge funds.
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 150,000 retail customers and 14 non-affiliated municipal customers.
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