Allete, Inc. (ALE) Stock Rating Upgraded by Zacks Investment Research

Allete, Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “

ALE has been the subject of several other research reports. BidaskClub upgraded Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Williams Capital lifted their price objective on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Finally, ValuEngine cut Allete from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Allete has a consensus rating of “Buy” and a consensus target price of $78.67.

Allete (ALE) traded up 0.93% during mid-day trading on Tuesday, hitting $78.81. The company had a trading volume of 199,623 shares. The company has a 50-day moving average price of $77.68 and a 200 day moving average price of $73.01. Allete has a 52-week low of $56.48 and a 52-week high of $79.61. The company has a market capitalization of $4.02 billion, a P/E ratio of 23.19 and a beta of 0.48.

Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. Allete’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. On average, analysts forecast that Allete will post $3.38 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Allete, Inc. (ALE) Stock Rating Upgraded by Zacks Investment Research” was originally reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this report on another publication, it was copied illegally and republished in violation of United States and international copyright and trademark legislation. The original version of this report can be read at https://ledgergazette.com/2017/10/10/allete-inc-ale-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Boston Investment Management Inc. raised its position in shares of Allete by 0.4% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 225,059 shares of the utilities provider’s stock worth $16,132,000 after acquiring an additional 983 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Allete by 81.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 10,043 shares of the utilities provider’s stock worth $719,000 after acquiring an additional 4,493 shares in the last quarter. Magellan Asset Management Ltd raised its position in shares of Allete by 6.7% during the 2nd quarter. Magellan Asset Management Ltd now owns 34,562 shares of the utilities provider’s stock worth $2,477,000 after acquiring an additional 2,174 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Allete by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 888,262 shares of the utilities provider’s stock worth $63,671,000 after acquiring an additional 22,706 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Allete by 8.9% during the 2nd quarter. Legal & General Group Plc now owns 245,292 shares of the utilities provider’s stock worth $17,588,000 after acquiring an additional 20,019 shares in the last quarter. 70.99% of the stock is currently owned by institutional investors and hedge funds.

Allete Company Profile

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regula

According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “

ALE has been the subject of several other research reports. BidaskClub upgraded Allete from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Williams Capital lifted their price objective on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Finally, ValuEngine cut Allete from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Allete has a consensus rating of “Buy” and a consensus target price of $78.67.

Allete (ALE) traded up 0.93% during mid-day trading on Tuesday, hitting $78.81. The company had a trading volume of 199,623 shares. The company has a 50-day moving average price of $77.68 and a 200 day moving average price of $73.01. Allete has a 52-week low of $56.48 and a 52-week high of $79.61. The company has a market capitalization of $4.02 billion, a P/E ratio of 23.19 and a beta of 0.48.

Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. Allete’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. On average, analysts forecast that Allete will post $3.38 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Allete, Inc. (ALE) Stock Rating Upgraded by Zacks Investment Research” was originally reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this report on another publication, it was copied illegally and republished in violation of United States and international copyright and trademark legislation. The original version of this report can be read at https://ledgergazette.com/2017/10/10/allete-inc-ale-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Boston Investment Management Inc. raised its position in shares of Allete by 0.4% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 225,059 shares of the utilities provider’s stock worth $16,132,000 after acquiring an additional 983 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Allete by 81.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 10,043 shares of the utilities provider’s stock worth $719,000 after acquiring an additional 4,493 shares in the last quarter. Magellan Asset Management Ltd raised its position in shares of Allete by 6.7% during the 2nd quarter. Magellan Asset Management Ltd now owns 34,562 shares of the utilities provider’s stock worth $2,477,000 after acquiring an additional 2,174 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Allete by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 888,262 shares of the utilities provider’s stock worth $63,671,000 after acquiring an additional 22,706 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Allete by 8.9% during the 2nd quarter. Legal & General Group Plc now owns 245,292 shares of the utilities provider’s stock worth $17,588,000 after acquiring an additional 20,019 shares in the last quarter. 70.99% of the stock is currently owned by institutional investors and hedge funds.

Allete Company Profile

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

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