Allete (NYSE:ALE) Reaches New 1-Year High – Still a Buy?

by · The Markets Daily

Allete, Inc. (NYSE:ALE – Get Free Report)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $66.44 and last traded at $66.30, with a volume of 297122 shares changing hands. The stock had previously closed at $66.06.

Allete Trading Up 0.3%

The firm has a market cap of $3.84 billion, a PE ratio of 20.78 and a beta of 0.79. The business has a 50-day moving average price of $64.93 and a two-hundred day moving average price of $65.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.26 and a quick ratio of 0.81.

Allete (NYSE:ALE – Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. The business had revenue of $400.20 million for the quarter, compared to analyst estimates of $456.30 million. Allete had a return on equity of 6.05% and a net margin of 12.10%. The company’s revenue was down .8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS.

Allete Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were paid a dividend of $0.73 per share. The ex-dividend date was Thursday, May 15th. This represents a $2.92 dividend on an annualized basis and a yield of 4.40%. Allete’s payout ratio is currently 91.54%.

Institutional Trading of Allete

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Allete by 33.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,550 shares of the utilities provider’s stock worth $814,000 after purchasing an additional 3,179 shares during the period. Strs Ohio bought a new stake in shares of Allete during the first quarter worth $1,176,000. Intech Investment Management LLC grew its stake in shares of Allete by 37.8% during the first quarter. Intech Investment Management LLC now owns 40,204 shares of the utilities provider’s stock worth $2,641,000 after purchasing an additional 11,019 shares during the period. Jane Street Group LLC grew its stake in shares of Allete by 1,855.4% during the first quarter. Jane Street Group LLC now owns 103,031 shares of the utilities provider’s stock worth $6,769,000 after purchasing an additional 97,762 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Allete by 32.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 133,324 shares of the utilities provider’s stock valued at $8,759,000 after acquiring an additional 32,374 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.

About Allete

(Get Free Report)

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.

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