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

ALLETE Inc (NYSE:ALE) has been given a consensus rating of “Hold” by the six research firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $75.83.

A number of analysts recently weighed in on ALE shares. Zacks Investment Research lowered shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Williams Capital raised shares of ALLETE from a “sell” rating to a “hold” rating and increased their price objective for the stock from $69.00 to $76.00 in a research report on Tuesday, February 19th. Mizuho lowered shares of 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. Finally, ValuEngine lowered shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th.

Shares of NYSE:ALE traded up $0.32 during trading on Thursday, reaching $81.14. The company’s stock had a trading volume of 132,158 shares, compared to its average volume of 217,699. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69. ALLETE has a 12 month low of $70.46 and a 12 month high of $84.26. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 3.16 and a beta of 0.28.

ALLETE (NYSE:ALE) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The business had revenue of $357.20 million during the quarter, compared to the consensus estimate of $364.00 million. During the same period in the previous year, the business posted $0.99 EPS. The firm’s revenue was down .3% on a year-over-year basis. As a group, equities analysts forecast that ALLETE will post 3.61 EPS for the current year.

The company 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 $0.5875 dividend. This represents a $2.35 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Tuesday, May 14th. ALLETE’s dividend payout ratio (DPR) is currently 65.10%.

In other news, Chairman Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $80.59, for a total transaction of $322,360.00. Following the transaction, the chairman now directly owns 80,453 shares of the company’s stock, valued at $6,483,707.27. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Madeleine W. Ludlow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $82.51, for a total transaction of $165,020.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Several large investors have recently modified their holdings of ALE. CWM LLC increased its position in shares of ALLETE by 93.4% during the first quarter. CWM LLC now owns 410 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 198 shares during the period. Icon Wealth Partners LLC purchased a new position in shares of ALLETE during the first quarter worth approximately $34,000. WP Advisors LLC purchased a new position in shares of ALLETE during the first quarter worth approximately $36,000. Quadrant Capital Group LLC increased its position in shares of ALLETE by 4,644.8% during the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the utilities provider’s stock worth $112,000 after acquiring an additional 1,347 shares during the period. Finally, FMR LLC purchased a new position in ALLETE during the third quarter valued at approximately $122,000. 70.63% of the stock is currently owned by institutional investors and hedge funds.

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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