ALLETE, Inc. (NYSE:ALE) Receives Consensus Recommendation of “Hold” from Brokerages

ALLETE, Inc. (NYSE:ALE) has been given an average rating of “Hold” by the six ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $67.33.

ALE has been the topic of a number of research reports. TheStreet lowered ALLETE from a “b” rating to a “c” rating in a report on Tuesday, September 7th. Zacks Investment Research lowered ALLETE from a “hold” rating to a “sell” rating in a report on Friday, September 3rd.

In other news, Director Heidi E. Jimmerson sold 3,253 shares of ALLETE stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $69.50, for a total transaction of $226,083.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.31% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley grew its stake in ALLETE by 12.2% in the 2nd quarter. Morgan Stanley now owns 276,484 shares of the utilities provider’s stock worth $19,348,000 after acquiring an additional 30,051 shares during the period. Wells Fargo & Company MN grew its stake in shares of ALLETE by 2.4% during the 2nd quarter. Wells Fargo & Company MN now owns 864,356 shares of the utilities provider’s stock valued at $60,488,000 after buying an additional 20,361 shares during the period. Brookfield Asset Management Inc. grew its stake in shares of ALLETE by 25.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 959,158 shares of the utilities provider’s stock valued at $67,122,000 after buying an additional 191,825 shares during the period. Invesco Ltd. grew its stake in shares of ALLETE by 30.2% during the 2nd quarter. Invesco Ltd. now owns 401,456 shares of the utilities provider’s stock valued at $28,094,000 after buying an additional 93,157 shares during the period. Finally, Metropolitan Life Insurance Co NY grew its stake in shares of ALLETE by 103,521.7% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 23,833 shares of the utilities provider’s stock valued at $1,668,000 after buying an additional 23,810 shares during the period. 72.48% of the stock is owned by hedge funds and other institutional investors.

Shares of ALE stock traded up $0.42 during mid-day trading on Friday, hitting $62.83. 2,054 shares of the stock were exchanged, compared to its average volume of 281,484. The stock’s fifty day simple moving average is $69.28 and its two-hundred day simple moving average is $69.06. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 3.39 and a beta of 0.47. ALLETE has a 12-month low of $49.98 and a 12-month high of $73.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.32 and a current ratio of 0.47.

ALLETE (NYSE:ALE) last issued its quarterly earnings data on Tuesday, August 3rd. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $335.60 million for the quarter, compared to analyst estimates of $282.90 million. ALLETE had a return on equity of 6.13% and a net margin of 12.99%. The business’s quarterly revenue was up 38.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share. On average, research analysts expect that ALLETE will post 3.15 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Monday, August 16th were given a $0.63 dividend. The ex-dividend date was Friday, August 13th. This represents a $2.52 dividend on an annualized basis and a yield of 4.01%. ALLETE’s payout ratio is currently 75.22%.

ALLETE Company Profile

ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities; Minnesota Power; SWL&P; and investment in ATC, which regulates utilities that owns and maintains electric transmission assets.

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