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

ALLETE, Inc. (NYSE:ALE)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $65.99 and last traded at $65.91, with a volume of 197335 shares. The stock had previously closed at $65.80.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of ALLETE in a research note on Friday, January 10th. They set a “hold” rating on the stock.

ALLETE Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95. The company’s 50 day moving average price is $65.11 and its 200 day moving average price is $64.49. The firm has a market capitalization of $3.81 billion, a P/E ratio of 21.13 and a beta of 0.80.

ALLETE Increases Dividend

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

Hedge Funds Weigh In On ALLETE

Several large investors have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its holdings in ALLETE by 30.9% in 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 period. Fifth Third Bancorp lifted its holdings 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 buying an additional 217 shares during the period. Exchange Traded Concepts LLC lifted its holdings 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 buying an additional 295 shares during the period. D.A. Davidson & CO. lifted its holdings 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 buying an additional 315 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings 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 buying an additional 327 shares during the period. 76.55% of the stock is currently owned by institutional investors and hedge funds.

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.