ALLETE Inc (NYSE:ALE) Short Interest Update

ALLETE Inc (NYSE:ALE) saw a large decrease in short interest in November. As of November 29th, there was short interest totalling 464,500 shares, a decrease of 19.7% from the November 14th total of 578,500 shares. Based on an average daily trading volume, of 250,500 shares, the days-to-cover ratio is currently 1.9 days. Currently, 0.9% of the shares of the stock are sold short.

Several equities research analysts have recently weighed in on ALE shares. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a report on Friday, September 27th.

Shares of ALE traded up $0.54 during trading hours on Friday, hitting $79.36. The stock had a trading volume of 276,093 shares, compared to its average volume of 256,369. The company’s fifty day moving average is $81.59 and its two-hundred day moving average is $84.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.61 and a quick ratio of 0.44. ALLETE has a 52 week low of $72.42 and a 52 week high of $88.60. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 21.99, a P/E/G ratio of 3.03 and a beta of 0.12.

ALLETE (NYSE:ALE) last posted its earnings results on Wednesday, November 6th. The utilities provider reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.03). ALLETE had a return on equity of 8.54% and a net margin of 14.23%. The firm had revenue of $288.30 million during the quarter, compared to the consensus estimate of $305.75 million. During the same period in the previous year, the company posted $0.59 EPS. The firm’s revenue for the quarter was down 17.2% compared to the same quarter last year. Equities analysts predict that ALLETE will post 3.65 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 15th were issued a dividend of $0.587 per share. This represents a $2.35 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, November 14th. ALLETE’s dividend payout ratio is currently 65.10%.

In other news, CEO Alan R. Hodnik sold 6,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $80.31, for a total value of $481,860.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Madeleine W. Ludlow sold 1,200 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $79.45, for a total transaction of $95,340.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Large investors have recently modified their holdings of the business. Signaturefd LLC grew its holdings in ALLETE by 273.7% during the 2nd quarter. Signaturefd LLC now owns 355 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 260 shares during the last quarter. Captrust Financial Advisors grew its holdings in ALLETE by 320.5% during the 2nd quarter. Captrust Financial Advisors now owns 370 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 282 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in ALLETE during the 2nd quarter worth about $33,000. CWM LLC grew its holdings in ALLETE by 40.0% during the 2nd quarter. CWM LLC now owns 574 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 164 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new stake in ALLETE during the 3rd quarter worth about $61,000. 73.52% of the stock is currently owned by hedge funds and other institutional investors.

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