ALLETE (NYSE:ALE) released its quarterly earnings results on Thursday. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.13), Morningstar.com reports. The firm had revenue of $337.90 million for the quarter, compared to analysts’ expectations of $348.00 million. ALLETE had a return on equity of 9.21% and a net margin of 12.31%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. ALLETE updated its FY18 guidance to $3.10-3.40 EPS.
Shares of ALLETE (ALE) opened at $68.48 on Friday. ALLETE has a 1 year low of $64.56 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 1.34. The firm has a market capitalization of $3,473.25, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 2.70 and a beta of 0.33.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.27%. This is a boost from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, February 14th. ALLETE’s dividend payout ratio (DPR) is presently 64.74%.
A number of research analysts recently issued reports on ALE shares. Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Friday, February 2nd. Wells Fargo & Co set a $71.00 price target on ALLETE and gave the stock a “hold” rating in a research note on Tuesday. Ladenburg Thalmann Financial Services downgraded ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research note on Friday, October 20th. JPMorgan Chase & Co. raised their price target on ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 15th. Finally, Zacks Investment Research downgraded ALLETE from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $77.20.
Institutional investors have recently bought and sold shares of the business. Rocky Mountain Advisers LLC acquired a new stake in ALLETE during the 3rd quarter worth approximately $108,000. Resources Investment Advisors Inc. acquired a new stake in ALLETE during the 4th quarter worth approximately $111,000. Meeder Asset Management Inc. lifted its position in ALLETE by 925.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,591 shares during the period. Advisor Group Inc. lifted its position in ALLETE by 2.1% during the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after acquiring an additional 45 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its position in ALLETE by 4.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after acquiring an additional 115 shares during the period. 72.95% of the stock is owned by institutional investors.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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