Recent Investment Analysts’ Ratings Changes for ALLETE (ALE)

ALLETE (NYSE: ALE) recently received a number of ratings updates from brokerages and research firms:

• 10/14/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 10/6/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 9/30/2024 – ALLETE was upgraded by analysts at Sidoti from a “hold” rating to a “strong-buy” rating.
• 9/28/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 9/20/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 9/12/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 9/4/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 8/27/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 8/19/2024 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.

ALLETE Stock Up 0.1 %

ALLETE stock opened at $64.40 on Thursday. ALLETE, Inc. has a fifty-two week low of $52.14 and a fifty-two week high of $65.86. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45. The stock’s fifty day moving average is $63.86 and its two-hundred day moving average is $62.79. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 15.48 and a beta of 0.80.

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

ALLETE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a $0.7005 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.35%. ALLETE’s dividend payout ratio (DPR) is 67.79%.

Institutional Investors Weigh In On ALLETE

Several institutional investors and hedge funds have recently modified their holdings of ALE. Vanguard Group Inc. raised its position in shares of ALLETE by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock valued at $394,548,000 after purchasing an additional 35,992 shares in the last quarter. Dimensional Fund Advisors LP grew its position in ALLETE by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 964,193 shares of the utilities provider’s stock worth $60,118,000 after buying an additional 52,499 shares during the last quarter. Millennium Management LLC increased its position in shares of ALLETE by 955.1% in the second quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock worth $55,967,000 after acquiring an additional 812,548 shares in the last quarter. Gabelli Funds LLC raised its position in ALLETE by 59.1% during the second quarter. Gabelli Funds LLC now owns 441,564 shares of the utilities provider’s stock valued at $27,532,000 after buying an additional 164,064 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of ALLETE by 9.9% in the second quarter. AQR Capital Management LLC now owns 385,750 shares of the utilities provider’s stock worth $24,052,000 after acquiring an additional 34,810 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company’s stock.

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.