ALLETE (NYSE:ALE) Sets New 52-Week High – Still a Buy?

Shares of ALLETE, Inc. (NYSE:ALE) reached a new 52-week high during mid-day trading on Wednesday . The stock 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.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of ALLETE in a research report on Friday, January 10th. They set a “hold” rating for the company.

ALLETE Stock Performance

The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 21.13 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45. The stock’s 50-day simple moving average is $65.11 and its two-hundred day simple moving average is $64.49.

ALLETE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.43%. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio is currently 90.38%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in shares of ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock valued at $47,000 after buying an additional 172 shares during the last quarter. Fifth Third Bancorp increased its stake in ALLETE by 32.9% in the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 217 shares during the period. Exchange Traded Concepts LLC increased its stake in ALLETE by 2.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider’s stock valued at $764,000 after acquiring an additional 295 shares during the period. D.A. Davidson & CO. increased its stake in ALLETE by 1.9% in the third quarter. D.A. Davidson & CO. now owns 16,844 shares of the utilities provider’s stock valued at $1,081,000 after acquiring an additional 315 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in ALLETE by 1.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 18,928 shares of the utilities provider’s stock valued at $1,215,000 after acquiring an additional 327 shares during the period. Institutional investors and hedge funds own 76.55% of the company’s stock.

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.