Analysts Set ALLETE, Inc. (NYSE:ALE) PT at $60.40

Shares of ALLETE, Inc. (NYSE:ALE) have been given a consensus rating of “Hold” by the four research firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $62.00.

Several analysts recently commented on the company. Mizuho lifted their price objective on ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. StockNews.com assumed coverage on ALLETE in a report on Tuesday. They issued a “hold” rating for the company.

Institutional Trading of ALLETE

Several hedge funds have recently bought and sold shares of ALE. AQR Capital Management LLC grew its holdings in ALLETE by 263.7% during the third quarter. AQR Capital Management LLC now owns 395,962 shares of the utilities provider’s stock valued at $20,907,000 after purchasing an additional 287,088 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of ALLETE by 112.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 504,362 shares of the utilities provider’s stock valued at $30,847,000 after acquiring an additional 266,505 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ALLETE by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 6,579,504 shares of the utilities provider’s stock valued at $402,402,000 after acquiring an additional 176,709 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of ALLETE in the fourth quarter valued at about $9,436,000. Finally, Invenomic Capital Management LP lifted its position in shares of ALLETE by 154.5% in the first quarter. Invenomic Capital Management LP now owns 250,895 shares of the utilities provider’s stock valued at $14,963,000 after acquiring an additional 152,294 shares in the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Stock Down 0.3 %

ALE stock opened at $62.14 on Tuesday. ALLETE has a 1-year low of $49.29 and a 1-year high of $65.86. The business has a fifty day moving average price of $62.43 and a 200-day moving average price of $60.31. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.66 and a quick ratio of 0.96. The stock has a market capitalization of $3.58 billion, a P/E ratio of 14.94 and a beta of 0.80.

ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.12). ALLETE had a return on equity of 7.21% and a net margin of 13.94%. The firm had revenue of $403.30 million during the quarter, compared to the consensus estimate of $581.26 million. Equities analysts forecast that ALLETE will post 3.75 earnings per share for the current fiscal year.

ALLETE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.705 per share. This represents a $2.82 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s dividend payout ratio is presently 67.79%.

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.