Allete’s (ALE) Hold (C+) Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their hold (c+) rating on shares of Allete (NYSE:ALE) in a research report released on Wednesday,Weiss Ratings reports.

Allete Price Performance

Allete stock opened at $67.30 on Wednesday. Allete has a twelve month low of $62.38 and a twelve month high of $67.44. The stock has a 50 day moving average of $64.98 and a two-hundred day moving average of $65.09. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.23 and a beta of 0.83.

Allete (NYSE:ALE) last issued its earnings results on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.24). The business had revenue of $360.30 million for the quarter, compared to analysts’ expectations of $425.30 million. Allete had a return on equity of 5.71% and a net margin of 11.98%.The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the company posted $0.82 earnings per share.

Allete Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, August 15th. Allete’s dividend payout ratio is 92.11%.

Hedge Funds Weigh In On Allete

A number of large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in shares of Allete by 24.6% during the 3rd quarter. GAMMA Investing LLC now owns 4,154 shares of the utilities provider’s stock worth $276,000 after buying an additional 821 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Allete by 19.5% in the 2nd quarter. Osaic Holdings Inc. now owns 24,115 shares of the utilities provider’s stock worth $1,545,000 after acquiring an additional 3,938 shares during the period. Caxton Associates LLP acquired a new stake in shares of Allete in the 2nd quarter worth approximately $43,127,000. FORA Capital LLC acquired a new stake in shares of Allete in the 2nd quarter worth approximately $333,000. Finally, Headlands Technologies LLC grew its holdings in shares of Allete by 10,173.1% in the 2nd quarter. Headlands Technologies LLC now owns 5,342 shares of the utilities provider’s stock worth $342,000 after acquiring an additional 5,290 shares during the period. 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.