Zacks: Brokerages Anticipate Allete, Inc. (ALE) to Post $0.97 EPS
Equities research analysts expect Allete, Inc. (NYSE:ALE) to post $0.97 earnings per share for the current quarter, according to Zacks Investment Research. Zero analysts have made estimates for Allete’s earnings. The highest EPS estimate is $1.06 and the lowest is $0.84. Allete posted earnings per share of $0.99 in the same quarter last year, which indicates a negative year-over-year growth rate of 2%. The company is expected to report its next earnings report on Friday, November 3rd.
On average, analysts expect that Allete will report full year earnings of $3.36 per share for the current financial year, with EPS estimates ranging from $3.26 to $3.43. For the next financial year, analysts forecast that the firm will report earnings of $3.64 per share, with EPS estimates ranging from $3.46 to $3.86. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Allete.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The company had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $342.50 million. During the same period in the previous year, the firm earned $0.50 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year.
Several analysts recently commented on the company. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Ladenburg Thalmann Financial Services raised their target price on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. BidaskClub lowered Allete from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. ValuEngine raised Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Finally, Williams Capital raised their price objective on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a report on Monday, June 19th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $78.67.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of ALE. BlackRock Inc. boosted its stake in shares of Allete by 15,718.2% in the first quarter. BlackRock Inc. now owns 6,468,078 shares of the utilities provider’s stock worth $437,952,000 after acquiring an additional 6,427,188 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Allete by 93.8% in the second quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock worth $103,782,000 after acquiring an additional 700,647 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Allete by 5.9% in the first quarter. Vanguard Group Inc. now owns 4,787,849 shares of the utilities provider’s stock worth $324,185,000 after acquiring an additional 265,592 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of Allete in the first quarter worth approximately $13,892,000. Finally, Federated Investors Inc. PA boosted its stake in shares of Allete by 271,658.0% in the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock worth $13,442,000 after acquiring an additional 187,444 shares during the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.
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Allete (NYSE ALE) opened at 78.41 on Friday. Allete has a 12-month low of $56.48 and a 12-month high of $79.61. The stock has a market capitalization of $4.00 billion, a PE ratio of 23.07 and a beta of 0.48. The company has a 50-day moving average price of $75.92 and a 200-day moving average price of $71.56.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were issued a $0.535 dividend. This represents a $2.14 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Friday, August 11th. Allete’s payout ratio is currently 63.13%.
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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