Insider Selling: ALLETE Inc (NYSE:ALE) Director Sells 2,000 Shares of Stock

ALLETE Inc (NYSE:ALE) Director Madeleine W. Ludlow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $82.51, for a total value of $165,020.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Shares of ALE opened at $81.89 on Friday. The company has a market capitalization of $4.19 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 3.10 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 Inc has a one year low of $70.46 and a one year high of $84.26.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.01). ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The business had revenue of $357.20 million during the quarter, compared to analyst estimates of $364.00 million. During the same period in the previous year, the firm earned $0.99 earnings per share. The firm’s revenue was down .3% compared to the same quarter last year. On average, sell-side analysts expect that ALLETE Inc will post 3.63 EPS for the current fiscal year.

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

Several research firms have recently weighed in on ALE. Zacks Investment Research upgraded ALLETE from a “strong sell” rating to a “hold” rating and set a $92.00 price objective on the stock in a research note on Monday, May 20th. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and boosted their target price for the stock from $69.00 to $76.00 in a report on Tuesday, February 19th. Finally, Mizuho downgraded ALLETE from a “neutral” rating to an “underperform” rating and set a $79.30 target price on the stock. in a report on Monday, February 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $79.06.

Large investors have recently bought and sold shares of the business. Vanguard Group Inc lifted its holdings in ALLETE by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock worth $383,197,000 after buying an additional 71,585 shares in the last quarter. WP Advisors LLC acquired a new position in ALLETE during the 1st quarter worth $36,000. Retirement Systems of Alabama raised its position in shares of ALLETE by 149.0% during the 4th quarter. Retirement Systems of Alabama now owns 165,274 shares of the utilities provider’s stock valued at $12,597,000 after acquiring an additional 98,899 shares during the last quarter. Vanguard Group Inc. raised its position in shares of ALLETE by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after acquiring an additional 71,585 shares during the last quarter. Finally, Employees Retirement System of Texas raised its position in shares of ALLETE by 70.6% during the 4th quarter. Employees Retirement System of Texas now owns 29,000 shares of the utilities provider’s stock valued at $2,210,000 after acquiring an additional 12,000 shares during the last quarter. 71.75% of the stock is currently owned by hedge funds and other institutional investors.

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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, 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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