ALLETE (NYSE:ALE – Get Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.60-$3.90 for the period, compared to the consensus earnings per share estimate of $3.76. The company issued revenue guidance of -.
ALLETE Stock Up 3.1 %
NYSE:ALE traded up $1.67 during trading hours on Wednesday, reaching $56.25. 6,027 shares of the company traded hands, compared to its average volume of 388,707. The business’s 50-day moving average price is $54.76 and its two-hundred day moving average price is $58.37. The stock has a market capitalization of $3.21 billion, a P/E ratio of 15.13, a P/E/G ratio of 1.82 and a beta of 0.71. ALLETE has a 1 year low of $47.77 and a 1 year high of $68.61. The company has a current ratio of 0.93, a quick ratio of 0.43 and a debt-to-equity ratio of 0.48.
ALLETE Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date is Monday, November 14th. ALLETE’s payout ratio is 71.82%.
Wall Street Analyst Weigh In
A number of analysts have commented on ALE shares. Guggenheim reduced their target price on ALLETE from $66.00 to $53.00 in a report on Monday, October 24th. StockNews.com lowered ALLETE from a hold rating to a sell rating in a report on Tuesday, October 25th. TheStreet lowered ALLETE from a b- rating to a c+ rating in a report on Wednesday, October 26th. Wells Fargo & Company cut their price objective on ALLETE from $65.00 to $56.00 and set an equal weight rating for the company in a report on Wednesday, October 19th. Finally, Mizuho cut their price objective on ALLETE from $58.00 to $50.00 and set a neutral rating for the company in a report on Monday, October 3rd. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $55.50.
Institutional Trading of ALLETE
Several large investors have recently modified their holdings of ALE. First Republic Investment Management Inc. lifted its position in ALLETE by 5.2% during the second quarter. First Republic Investment Management Inc. now owns 23,431 shares of the utilities provider’s stock valued at $1,377,000 after purchasing an additional 1,155 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in ALLETE by 8.8% during the second quarter. Thrivent Financial for Lutherans now owns 14,951 shares of the utilities provider’s stock valued at $879,000 after purchasing an additional 1,214 shares in the last quarter. State Street Corp lifted its position in ALLETE by 7.1% during the second quarter. State Street Corp now owns 2,352,001 shares of the utilities provider’s stock valued at $138,251,000 after purchasing an additional 156,791 shares in the last quarter. Citadel Advisors LLC lifted its position in ALLETE by 2,017.1% during the second quarter. Citadel Advisors LLC now owns 136,767 shares of the utilities provider’s stock valued at $8,039,000 after purchasing an additional 130,307 shares in the last quarter. Finally, Voya Investment Management LLC lifted its position in ALLETE by 78.1% during the second quarter. Voya Investment Management LLC now owns 78,165 shares of the utilities provider’s stock valued at $4,595,000 after purchasing an additional 34,270 shares in the last quarter. Institutional investors own 77.64% 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. 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 145,000 retail customers and 15 non-affiliated municipal customers.
Further Reading
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