ALLETE (NYSE:ALE) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of ALLETE (NYSE:ALE) in a report published on Saturday. The brokerage issued a hold rating on the utilities provider’s stock.

ALLETE Trading Down 0.1 %

Shares of ALLETE stock opened at $64.12 on Friday. The firm has a market capitalization of $3.70 billion, a PE ratio of 15.41 and a beta of 0.80. ALLETE has a twelve month low of $49.29 and a twelve month high of $65.86. The firm’s 50-day moving average price is $63.87 and its 200 day moving average price is $62.38. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51.

ALLETE (NYSE:ALE) last issued its quarterly 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 net margin of 14.36% and a return on equity of 7.07%. The company had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s quarterly revenue was down 33.6% compared to the same quarter last year.

ALLETE Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALE. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ALLETE during the 2nd quarter worth approximately $74,000. Water Island Capital LLC acquired a new stake in shares of ALLETE during the 2nd quarter worth approximately $11,583,000. Creative Planning increased its holdings in shares of ALLETE by 204.1% during the 2nd quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 14,076 shares during the last quarter. Algert Global LLC increased its holdings in shares of ALLETE by 16.5% during the 2nd quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock worth $2,556,000 after buying an additional 5,808 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of 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 buying an additional 812,548 shares during the last quarter. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Company Profile

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.