ALLETE (NYSE:ALE) posted its quarterly earnings data on Thursday. The utilities provider reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66, Morningstar.com reports. ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The company had revenue of $290.40 million during the quarter, compared to analysts’ expectations of $349.00 million. During the same period in the prior year, the business earned $0.61 earnings per share. ALLETE’s revenue for the quarter was down 15.6% compared to the same quarter last year.
ALE stock traded down $1.44 during midday trading on Friday, hitting $85.11. The stock had a trading volume of 162,598 shares, compared to its average volume of 214,210. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 3.33 and a beta of 0.25. ALLETE has a 52 week low of $72.42 and a 52 week high of $88.58. The stock’s 50-day simple moving average is $85.53. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.69.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Thursday, August 15th will be given a $0.5875 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $2.35 annualized dividend and a yield of 2.76%. ALLETE’s dividend payout ratio (DPR) is currently 65.10%.
In related news, Director Kathryn W. Dindo sold 735 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.03, for a total value of $60,292.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.24, for a total value of $328,960.00. Following the completion of the transaction, the chief executive officer now directly owns 76,854 shares of the company’s stock, valued at $6,320,472.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,620 shares of company stock valued at $1,131,100. 0.43% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. 6 Meridian lifted its position in ALLETE by 2.1% in the second quarter. 6 Meridian now owns 6,465 shares of the utilities provider’s stock worth $538,000 after purchasing an additional 131 shares during the period. FDx Advisors Inc. increased its stake in shares of ALLETE by 3.4% in the second quarter. FDx Advisors Inc. now owns 4,723 shares of the utilities provider’s stock valued at $393,000 after buying an additional 157 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of ALLETE by 1.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 9,530 shares of the utilities provider’s stock valued at $793,000 after buying an additional 160 shares in the last quarter. CWM LLC increased its stake in shares of ALLETE by 40.0% in the second quarter. CWM LLC now owns 574 shares of the utilities provider’s stock valued at $48,000 after buying an additional 164 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in shares of ALLETE by 6.5% in the fourth quarter. Advisor Group Inc. now owns 2,853 shares of the utilities provider’s stock valued at $218,000 after buying an additional 173 shares in the last quarter. 71.68% 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 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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