Allete, Inc. (ALE) Updates FY17 Earnings Guidance
Allete, Inc. (NYSE:ALE) updated its FY17 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.15-3.40 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.36.
Several research analysts have recently weighed in on the stock. Ladenburg Thalmann Financial Services lowered shares of Allete from a buy rating to a neutral rating and set a $78.00 price objective on the stock. in a report on Friday, October 20th. Williams Capital restated a hold rating and issued a $79.00 price target on shares of Allete in a report on Thursday, October 12th. J P Morgan Chase & Co increased their price objective on shares of Allete from $66.00 to $73.00 and gave the company an underweight rating in a research report on Thursday, October 12th. Zacks Investment Research raised shares of Allete from a sell rating to a hold rating and set a $88.00 price objective for the company in a research report on Tuesday, October 10th. Finally, ValuEngine raised shares of Allete from a hold rating to a buy rating in a research report on Thursday, September 7th. One investment 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 company’s stock. Allete has an average rating of Hold and an average price target of $79.50.
Shares of Allete, Inc. (NYSE:ALE) opened at 79.085 on Wednesday. The company has a market capitalization of $4.03 billion, a PE ratio of 23.267 and a beta of 0.48. Allete, Inc. has a 52 week low of $56.48 and a 52 week high of $80.00. The company’s 50 day moving average is $78.20 and its 200-day moving average is $74.11.
Allete (NYSE:ALE) last posted its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 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%. The business’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, analysts expect that Allete, Inc. will post $3.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be paid a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Tuesday, November 14th. Allete’s dividend payout ratio is currently 63.13%.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.42% of the stock is currently owned by insiders.
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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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