Allete, Inc. (ALE) Scheduled to Post Earnings on Thursday
Allete, Inc. (NYSE:ALE) is scheduled to be releasing its earnings data before the market opens on Thursday, November 2nd. Analysts expect Allete to post earnings of $1.13 per share for the quarter.
Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. Allete’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, analysts expect Allete to post $3.36 EPS for the current fiscal year and $3.65 EPS for the next fiscal year.
Shares of Allete, Inc. (NYSE ALE) opened at 78.80 on Thursday. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 23.18 and a beta of 0.48. The stock’s 50 day moving average price is $78.20 and its 200-day moving average price is $73.83. Allete, Inc. has a 12 month low of $56.48 and a 12 month high of $79.69.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a yield of 2.72%. Allete’s dividend payout ratio is presently 63.13%.
In related news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. 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.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a report on Monday, August 14th. J P Morgan Chase & Co lifted their target price on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a report on Thursday, October 12th. Ladenburg Thalmann Financial Services lowered Allete from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a report on Friday, October 20th. Williams Capital reiterated a “hold” rating and set a $79.00 target price on shares of Allete in a report on Thursday, October 12th. Finally, BidaskClub raised Allete from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $79.50.
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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