Allete Inc. (ALE) Expected to Earn FY2018 Earnings of $3.86 Per Share

Allete Inc. (NYSE:ALE) – Stock analysts at Williams Capital issued their FY2018 earnings estimates for Allete in a research report issued on Wednesday. Williams Capital analyst C. Ellinghaus forecasts that the brokerage will post earnings per share of $3.86 for the year. Williams Capital has a “Buy” rating and a $63.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. KeyCorp reiterated an “outperform” rating and issued a $65.50 price target (up previously from $61.50) on shares of Allete in a research note on Friday, July 1st. JPMorgan Chase & Co. lifted their price target on Allete from $47.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, March 30th. Finally, Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Friday, May 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Allete presently has an average rating of “Hold” and an average target price of $59.50.

Shares of Allete (NYSE:ALE) traded up 0.24% during midday trading on Thursday, hitting $63.24. The company’s stock had a trading volume of 94,563 shares. The company has a 50-day moving average price of $62.85 and a 200 day moving average price of $56.86. The company has a market cap of $3.11 billion and a P/E ratio of 21.04. Allete has a 1-year low of $45.86 and a 1-year high of $65.41.

Allete (NYSE:ALE) last released its earnings results on Tuesday, May 3rd. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.03. The company earned $333.80 million during the quarter, compared to analyst estimates of $355.90 million. During the same period in the previous year, the company posted $0.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 15th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.29%.

ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.