ALLETE (ALE) Updates FY18 Earnings Guidance

ALLETE (NYSE:ALE) issued an update on its FY18 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.20-3.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.40.

NYSE:ALE traded down $0.98 during mid-day trading on Friday, hitting $73.59. 259,640 shares of the company traded hands, compared to its average volume of 252,479. ALLETE has a one year low of $66.64 and a one year high of $81.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21. The firm has a market capitalization of $3.80 billion, a PE ratio of 22.70, a P/E/G ratio of 3.63 and a beta of 0.17.

ALLETE (NYSE:ALE) last released its quarterly earnings results on Thursday, November 1st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.08). ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The company had revenue of $348.00 million for the quarter, compared to the consensus estimate of $366.00 million. During the same period in the prior year, the firm posted $0.72 EPS. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. Equities analysts forecast that ALLETE will post 3.4 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.04%. The ex-dividend date is Wednesday, November 14th. ALLETE’s dividend payout ratio is presently 70.22%.

ALE has been the subject of several recent research reports. ValuEngine lowered ALLETE from a buy rating to a hold rating in a report on Friday, August 24th. Zacks Investment Research raised ALLETE from a hold rating to a buy rating and set a $87.00 price target for the company in a report on Thursday, October 11th. Guggenheim reaffirmed a hold rating and issued a $71.00 price objective on shares of ALLETE in a research note on Monday, July 23rd. Finally, Wells Fargo & Co upped their price objective on ALLETE from $76.00 to $77.00 and gave the stock a market perform rating in a research note on Monday, September 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $74.25.

In other news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $76.49, for a total value of $61,192.00. Following the completion of the transaction, the director now owns 13,632 shares of the company’s stock, valued at $1,042,711.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Alan R. Hodnik sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $75.70, for a total value of $302,800.00. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

About ALLETE

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, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated 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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