Williams Capital upgraded shares of ALLETE (NYSE:ALE) from a hold rating to a buy rating in a report published on Friday, February 2nd, MarketBeat reports. Williams Capital currently has $76.00 price objective on the utilities provider’s stock.
A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of ALLETE from $76.00 to $73.00 and set an underweight rating for the company in a report on Thursday, January 25th. Zacks Investment Research upgraded shares of ALLETE from a sell rating to a hold rating in a report on Tuesday, January 16th. Finally, Ladenburg Thalmann Financial Services downgraded shares of ALLETE from a buy rating to a neutral rating and set a $78.00 target price for the company. in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $78.75.
Shares of ALLETE (NYSE ALE) traded up $1.09 during midday trading on Friday, hitting $69.89. 385,404 shares of the stock were exchanged, compared to its average volume of 307,980. The firm has a market cap of $3,570.00, a P/E ratio of 20.20, a P/E/G ratio of 2.74 and a beta of 0.33. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98. ALLETE has a fifty-two week low of $64.56 and a fifty-two week high of $81.24.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.21%. The ex-dividend date is Wednesday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.54. ALLETE’s dividend payout ratio (DPR) is 61.85%.
A number of hedge funds have recently modified their holdings of ALE. Rocky Mountain Advisers LLC purchased a new position in ALLETE in the 3rd quarter valued at approximately $108,000. Resources Investment Advisors Inc. purchased a new position in ALLETE in the 4th quarter valued at approximately $111,000. Meeder Asset Management Inc. boosted its position in ALLETE by 925.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock valued at $136,000 after buying an additional 1,591 shares during the period. Advisor Group Inc. boosted its position in ALLETE by 2.1% in the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after buying an additional 45 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in ALLETE by 4.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock valued at $198,000 after buying an additional 115 shares during the period. 73.16% of the stock is owned by institutional investors.
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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