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

StockNews.com assumed coverage on shares of ALLETE (NYSE:ALE) in a research report sent to investors on Thursday. The brokerage issued a hold rating on the utilities provider’s stock.

Separately, Mizuho raised their target price on 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, According to data from MarketBeat, ALLETE presently has an average rating of Hold and an average price target of $62.00.

ALLETE Trading Up 0.5 %

Shares of ALLETE stock opened at $64.08 on Thursday. ALLETE has a 52-week low of $49.29 and a 52-week high of $65.86. The firm has a market capitalization of $3.70 billion, a PE ratio of 15.40 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.83. The company’s fifty day moving average price is $63.77 and its two-hundred day moving average price is $61.83.

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). The business had revenue of $354.50 million during the quarter, compared to the consensus estimate of $547.24 million. ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The business’s revenue was down 33.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS.

ALLETE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a dividend of $0.7005 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.80 annualized dividend and a yield of 4.37%. ALLETE’s dividend payout ratio is 67.79%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Principal Securities Inc. bought a new position in shares of ALLETE in the fourth quarter valued at about $25,000. Parallel Advisors LLC raised its stake in shares of ALLETE by 139.4% in the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 407 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of ALLETE by 4,157.1% during the first quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 1,164 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ALLETE during the second quarter valued at approximately $74,000. Finally, Hantz Financial Services Inc. acquired a new stake in shares of ALLETE in the second quarter valued at approximately $75,000. Institutional investors 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.