ALLETE (NYSE:ALE) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of ALLETE (NYSE:ALE) in a research report released on Monday. The firm issued a hold rating on the utilities provider’s stock.

Separately, Mizuho lifted their target price on shares of ALLETE from $57.00 to $67.00 and gave the stock a neutral rating in a research report on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, ALLETE has a consensus rating of Hold and an average target price of $62.00.

ALLETE Stock Performance

ALLETE stock opened at $63.42 on Monday. The stock has a market cap of $3.66 billion, a PE ratio of 15.25 and a beta of 0.80. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. ALLETE has a 12-month low of $49.29 and a 12-month high of $65.86. The business’s 50-day moving average price is $63.42 and its two-hundred day moving average price is $61.06.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The company had revenue of $354.50 million for the quarter, compared to the consensus estimate of $547.24 million. During the same period in the previous year, the firm posted $0.90 EPS. The business’s quarterly revenue was down 33.6% compared to the same quarter last year.

ALLETE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th will be given a dividend of $0.7005 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.42%. ALLETE’s dividend payout ratio (DPR) is 67.79%.

Institutional Trading of ALLETE

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALE. Vanguard Group Inc. raised its stake in ALLETE by 0.5% during the first quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock worth $394,548,000 after buying an additional 35,992 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ALLETE by 5.8% during the second quarter. Dimensional Fund Advisors LP now owns 964,193 shares of the utilities provider’s stock valued at $60,118,000 after acquiring an additional 52,499 shares during the last quarter. Millennium Management LLC grew its holdings in ALLETE by 955.1% during the 2nd quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock worth $55,967,000 after acquiring an additional 812,548 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of ALLETE by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 716,941 shares of the utilities provider’s stock worth $43,848,000 after acquiring an additional 22,139 shares in the last quarter. Finally, Gabelli Funds LLC lifted its stake in shares of ALLETE by 59.1% in the 2nd quarter. Gabelli Funds LLC now owns 441,564 shares of the utilities provider’s stock valued at $27,532,000 after purchasing an additional 164,064 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.

About ALLETE

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. In addition, 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.