ALLETE Inc (NYSE:ALE) announced a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Investors of record on Friday, August 14th will be given a dividend of 0.6175 per share by the utilities provider on Tuesday, September 1st. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Thursday, August 13th.
ALLETE has raised its dividend payment by an average of 13.0% per year over the last three years and has raised its dividend every year for the last 9 years. ALLETE has a payout ratio of 72.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect ALLETE to earn $3.73 per share next year, which means the company should continue to be able to cover its $2.47 annual dividend with an expected future payout ratio of 66.2%.
Shares of ALE opened at $59.30 on Friday. The business’s 50-day moving average is $57.10 and its two-hundred day moving average is $64.38. The company has a market capitalization of $3.07 billion, a P/E ratio of 16.94 and a beta of 0.32. ALLETE has a fifty-two week low of $48.22 and a fifty-two week high of $88.60. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.31 and a current ratio of 0.44.
ALLETE (NYSE:ALE) last released its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.14. The company had revenue of $311.60 million for the quarter, compared to analyst estimates of $330.75 million. ALLETE had a net margin of 15.18% and a return on equity of 7.86%. The firm’s revenue was down 12.8% on a year-over-year basis. During the same quarter last year, the business earned $1.18 earnings per share. Analysts forecast that ALLETE will post 3.36 EPS for the current year.
A number of equities analysts recently weighed in on ALE shares. JPMorgan Chase & Co. reduced their price target on ALLETE from $70.00 to $64.00 and set an “underweight” rating for the company in a report on Monday, June 1st. Zacks Investment Research downgraded ALLETE from a “hold” rating to a “sell” rating in a research note on Thursday, June 11th. Finally, Wells Fargo & Co dropped their price target on shares of ALLETE from $86.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. ALLETE presently has a consensus rating of “Hold” and a consensus target price of $64.00.
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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