ALLETE Inc (NYSE:ALE) declared a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Stockholders 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 by an average of 13.0% per year over the last three years and has increased its dividend annually for the last 9 consecutive years. ALLETE has a dividend payout ratio of 72.4% indicating that its dividend is sufficiently covered by earnings. 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%.
NYSE ALE opened at $59.30 on Friday. The company’s 50-day moving average price is $57.10 and its 200-day moving average price is $64.38. The company has a current ratio of 0.44, a quick ratio of 0.31 and a debt-to-equity ratio of 0.59. The stock has a market cap of $3.07 billion, a PE ratio of 16.94 and a beta of 0.32. ALLETE has a 12 month low of $48.22 and a 12 month high of $88.60.
ALLETE (NYSE:ALE) last posted its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.14. The firm had revenue of $311.60 million for the quarter, compared to analysts’ expectations of $330.75 million. ALLETE had a net margin of 15.18% and a return on equity of 7.86%. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, sell-side analysts forecast that ALLETE will post 3.36 earnings per share for the current year.
A number of research analysts have recently commented on ALE shares. Wells Fargo & Co cut their price target on shares of ALLETE from $86.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. JPMorgan Chase & Co. dropped their target price on shares of ALLETE from $70.00 to $64.00 and set an “underweight” rating on the stock in a report on Monday, June 1st. Finally, Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a report on Thursday, June 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target 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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