ALLETE (NYSE:ALE) Sets New 12-Month High - Should You Buy?

ALLETE, Inc. (NYSE:ALE - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $65.99 and last traded at $65.91, with a volume of 197335 shares changing hands. The stock had previously closed at $65.80.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on ALLETE in a report on Friday, January 10th. They set a "hold" rating on the stock.

ALLETE Trading Down 0.9 %

The company has a market capitalization of $3.78 billion, a PE ratio of 20.94 and a beta of 0.80. The company has a current ratio of 1.45, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $65.18 and a two-hundred day moving average of $64.51.

ALLETE (NYSE:ALE - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.15). ALLETE had a net margin of 11.49% and a return on equity of 5.99%.

ALLETE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. This is a boost from ALLETE's previous quarterly dividend of $0.71. This represents a $2.92 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date of this dividend is Friday, February 14th. ALLETE's payout ratio is 90.38%.

Hedge Funds Weigh In On ALLETE

A number of large investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp increased its stake in ALLETE by 30.9% in the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock worth $47,000 after purchasing an additional 172 shares during the period. Fifth Third Bancorp increased its stake in ALLETE by 32.9% in the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock worth $57,000 after purchasing an additional 217 shares during the period. Exchange Traded Concepts LLC increased its stake in ALLETE by 2.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider's stock worth $764,000 after purchasing an additional 295 shares during the period. D.A. Davidson & CO. increased its stake in ALLETE by 1.9% in the 3rd quarter. D.A. Davidson & CO. now owns 16,844 shares of the utilities provider's stock worth $1,081,000 after purchasing an additional 315 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of ALLETE by 1.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 18,928 shares of the utilities provider's stock worth $1,215,000 after buying an additional 327 shares during the last quarter. 76.55% of the stock is owned by hedge funds and other institutional investors.

About ALLETE

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.