Williams Capital Analysts Decrease Earnings Estimates for Allete, Inc. (NYSE:ALE)
Allete, Inc. (NYSE:ALE) – Analysts at Williams Capital cut their Q3 2017 earnings per share estimates for shares of Allete in a research note issued on Thursday. Williams Capital analyst C. Ellinghaus now anticipates that the utilities provider will post earnings of $0.84 per share for the quarter, down from their prior estimate of $1.24. Williams Capital currently has a “Buy” rating and a $78.00 target price on the stock. Williams Capital also issued estimates for Allete’s Q4 2017 earnings at $0.90 EPS, Q1 2018 earnings at $1.09 EPS, Q2 2018 earnings at $0.82 EPS, FY2018 earnings at $3.86 EPS and FY2019 earnings at $4.12 EPS.
Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same quarter in the previous year, the company posted $0.50 EPS. Allete’s quarterly revenue was up 12.2% compared to the same quarter last year.
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Other equities research analysts also recently issued research reports about the company. Ladenburg Thalmann Financial Services raised their price target on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Zacks Investment Research upgraded Allete from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. Finally, BidaskClub upgraded Allete from a “hold” rating to a “buy” rating in a research report on Friday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $75.38.
Shares of Allete (NYSE ALE) opened at 73.98 on Monday. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 21.77 and a beta of 0.48. Allete has a 52-week low of $56.48 and a 52-week high of $74.59. The firm has a 50 day moving average price of $72.17 and a 200-day moving average price of $69.12.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Allete by 15,718.2% in the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock valued at $437,952,000 after buying an additional 6,427,188 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in Allete during the first quarter valued at about $23,331,000. Vanguard Group Inc. boosted its stake in Allete by 5.9% in the first quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock valued at $324,185,000 after buying an additional 265,592 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in Allete during the first quarter valued at about $13,892,000. Finally, Federated Investors Inc. PA boosted its stake in Allete by 271,658.0% in the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock valued at $13,442,000 after buying an additional 187,444 shares during the last quarter. Hedge funds and other institutional investors own 72.64% of the company’s stock.
In other news, insider Steven Q. Devinck sold 2,000 shares of Allete stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $69.67, for a total value of $139,340.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.42% of the stock is currently owned by insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a $0.535 dividend. The ex-dividend date is Friday, August 11th. This represents a $2.14 annualized dividend and a dividend yield of 2.89%. Allete’s dividend payout ratio is currently 63.13%.
Allete Company Profile
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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