ALLETE (ALE) Stock Price, News & Analysis

Company Overview

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. Further, it owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. Additionally, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 1,200 megawatts of wind energy generation facility, as well as involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. It owns and operates 162 substations with a total capacity of 9,980 megavolt amperes. The company serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industries. The company was formerly known as Minnesota Power, Inc. and changed its name to ALLETE, Inc. in May 2001. ALLETE, Inc. was incorporated in 1906 and is headquartered in Duluth, Minnesota.

Key Stats

• Today's Range: $64.45 to $64.75
• 50-Day Range: $63.91 to $65.24
• 52-Week Range: $55.86 to $65.86
• Volume: 1.04 million shs
• Average Volume: 290,165 shs
• Market Capitalization: $3.73 billion
• P/E Ratio: 20.67
• Dividend Yield: 4.37%
• Price Target: $62.00
• Consensus Rating: Moderate Buy

ALLETE Stock Analysis - MarketRank™

ALLETE scored higher than 75% of companies evaluated by MarketBeat, and ranked 47th out of 91 stocks in the utilities sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 1.3 / 5
• Analyst Rating: Moderate Buy

Consensus Rating

ALLETE has received a consensus rating of Moderate Buy. The company's average rating score is 2.50, and is based on no buy ratings, 3 hold ratings, and no sell ratings.

Amount of Analyst Coverage

ALLETE has only been the subject of 1 research reports in the past 90 days.

Earnings and Valuation

• Score: 1.3 / 5
• Proj. Earnings Growth: N/A

Price to Earnings Ratio vs. the Market

The P/E ratio of ALLETE is 20.67, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 113.35.

Price to Earnings Ratio vs. Sector

The P/E ratio of ALLETE is 20.67, which means that it is trading at a less expensive P/E ratio than the Utilities sector average P/E ratio of about 95.36.

Price to Book Value per Share Ratio

ALLETE has a P/B Ratio of 1.09. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.

Short Interest

• Score: 3.0 / 5
• Short Interest Level: Healthy

Percentage of Shares Shorted

1.73% of the outstanding shares of ALLETE have been sold short.

Short Interest Ratio / Days to Cover

ALLETE has a short interest ratio ("days to cover") of 3.9, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in ALLETE has recently increased by 20.82%, indicating that investor sentiment is decreasing significantly.

Dividend

• Score: 3.3 / 5
• Dividend Strength: Strong

Dividend Leadership

ALLETE is a leading dividend payer. It pays a dividend yield of 4.36%, putting its dividend yield in the top 25% of dividend-paying stocks.

Dividend Growth

ALLETE has been increasing its dividend for 14 years.

Dividend Coverage

The dividend payout ratio of ALLETE is 90.38%. Payout ratios above 75% are not desirable because they may not be sustainable.

Sustainability and ESG

• Score: 2.9 / 5
• Environmental Score: -1.71

Percentage of Shares Shorted

1.73% of the outstanding shares of ALLETE have been sold short.

Short Interest Ratio / Days to Cover

ALLETE has a short interest ratio ("days to cover") of 3.9, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in ALLETE has recently increased by 20.82%, indicating that investor sentiment is decreasing significantly.

News and Social Media

• Score: 3.5 / 5
• News Sentiment: 1.21

News Sentiment

ALLETE has a news sentiment score of 1.21. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This is a higher news sentiment than the 0.65 average news sentiment score of Utilities companies.

News Coverage This Week

MarketBeat has tracked 7 news articles for ALLETE this week, compared to 4 articles on an average week.

Search Interest

2 people have searched for ALE on MarketBeat in the last 30 days. This is an increase of 100% compared to the previous 30 days.

Company Ownership

• Score: 1.7 / 5
• Insider Trading: N/A

Insider Buying vs. Insider Selling

In the past three months, ALLETE insiders have not sold or bought any company stock.

Percentage Held by Insiders

Only 0.23% of the stock of ALLETE is held by insiders.

Percentage Held by Institutions

76.55% of the stock of ALLETE is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

ALE Stock Analysis - Frequently Asked Questions

How have ALE shares performed this year?

ALLETE's stock was trading at $61.16 at the start of the year. Since then, ALE stock has increased by 5.5% and is now trading at $64.50.
View the best growth stocks for 2024 here.

How were ALLETE's earnings last quarter?

ALLETE, Inc. (NYSE:ALE) released its earnings results 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. ALLETE's quarterly revenue was up 7.5% on a year-over-year basis.

Who are ALLETE's major shareholders?

Top institutional investors of ALLETE include State Street Corp (4.25%), Geode Capital Management LLC (2.41%), FMR LLC (1.62%) and Charles Schwab Investment Management Inc. (1.33%).
View institutional ownership trends.

How do I buy shares of ALLETE?

Shares of ALE stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

What other stocks do shareholders of ALLETE own?

Based on aggregate information from My MarketBeat watchlists, some other companies that ALLETE investors own include Verizon Communications (VZ), AT&T (T), AbbVie (ABBV), Chevron (CVX), International Business Machines (IBM), 3M (MMM) and United Parcel Service (UPS).

Company Calendar

• Last Earnings: 10/30/2024
• Ex-Dividend for 12/1 Dividend: 11/15/2024
• Dividend Payable: 12/01/2024
• Today: 12/22/2024
• Fiscal Year End: 12/31/2024

Industry, Sector and Symbol

• Stock Exchange: NYSE
• Sector: Utilities
• Industry: Electric & other services combined
• Sub-Industry: Electric Utilities
• Current Symbol: NYSE:ALE
• CUSIP: 01852230
• CIK: 66756
• Web: www.allete.com
• Phone: (218) 279-5000
• Fax: 218-723-3944
• Employees: 1,560
• Year Founded: 2015

Price Target and Rating

• Average Stock Price Target: $62.00
• High Stock Price Target: $67.00
• Low Stock Price Target: $58.00
• Potential Upside/Downside: -3.9%
• Consensus Rating: Moderate Buy
• Rating Score (0-4): 2.50
• Research Coverage: 4 Analysts

Profitability

• EPS (Most Recent Fiscal Year): $3.12
• Trailing P/E Ratio: 20.67
• Forward P/E Ratio: N/A
• P/E Growth: N/A
• Net Income: $247.10 million
• Net Margins: 11.49%
• Pretax Margin: 8.69%
• Return on Equity: 5.99%
• Return on Assets: 3.06%

Debt

• Debt-to-Equity Ratio: 0.51
• Current Ratio: 1.45
• Quick Ratio: 0.95

Sales & Book Value

• Annual Sales: $1.88 billion
• Price / Sales: 1.98
• Cash Flow: $8.69 per share
• Price / Cash Flow: 7.42
• Book Value: $59.27 per share
• Price / Book: 1.09

Miscellaneous

• Outstanding Shares: 57,820,000
• Free Float: 57,686,000
• Market Cap: $3.73 billion
• Optionable: Optionable
• Beta: 0.81