ALLETE, Inc. (NYSE:ALE) Plans Quarterly Dividend of $0.71

ALLETE, Inc. (NYSE:ALE) declared a quarterly dividend on Friday, October 25th,RTT News reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.705 per share by the utilities provider on Sunday, December 1st. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Friday, November 15th. This is a positive change from ALLETE’s previous quarterly dividend of $0.70.

ALLETE has raised its dividend payment by an average of 3.1% per year over the last three years and has increased its dividend every year for the last 14 years. ALLETE has a dividend payout ratio of 70.9% meaning its dividend is sufficiently covered by earnings.

ALLETE Stock Performance

Shares of ALLETE stock opened at $64.72 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95. ALLETE has a one year low of $53.96 and a one year high of $65.86. The business has a 50-day simple moving average of $64.20 and a 200 day simple moving average of $63.52. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 20.74 and a beta of 0.80.

ALLETE (NYSE:ALE) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.21). The business had revenue of $407.20 million for the quarter. ALLETE had a return on equity of 5.99% and a net margin of 11.49%. The company’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.49 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Sidoti raised shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. StockNews.com initiated coverage on ALLETE in a report on Thursday, November 7th. They issued a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $62.00.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.