Zacks Investment Research upgraded shares of Allete (NYSE:ALE) from a sell rating to a hold rating in a research report sent to investors 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. “
Several other research analysts have also recently commented on the company. JPMorgan Chase raised their target price on Allete from $64.00 to $66.00 and gave the stock an underweight rating in a research report on Tuesday, April 10th. Mizuho began coverage on Allete in a research report on Wednesday, February 28th. They issued a buy rating and a $71.50 target price for the company. Guggenheim reaffirmed a hold rating and issued a $63.00 target price on shares of Allete in a research report on Friday, February 23rd. Wells Fargo set a $71.00 target price on Allete and gave the stock a hold rating in a research report on Tuesday, February 13th. Finally, Williams Capital raised Allete from a hold rating to a buy rating and set a $76.00 target price for the company in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Allete currently has a consensus rating of Hold and a consensus price target of $73.36.
Shares of ALE stock opened at $74.21 on Tuesday. The firm has a market capitalization of $3,665.47, a P/E ratio of 23.26, a PEG ratio of 3.23 and a beta of 0.32. Allete has a one year low of $66.64 and a one year high of $81.24. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.05 and a quick ratio of 0.77.
Allete (NYSE:ALE) last issued its earnings results on Thursday, February 15th. The utilities provider reported $0.62 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.13). The firm had revenue of $337.90 million during the quarter, compared to the consensus estimate of $348.00 million. Allete had a return on equity of 8.40% and a net margin of 12.13%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.70 earnings per share. sell-side analysts predict that Allete will post 3.36 earnings per share for the current fiscal year.
In other Allete news, Director James J. Hoolihan sold 800 shares of Allete stock in a transaction on Monday, March 26th. The stock was sold at an average price of $70.51, for a total transaction of $56,408.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of ALE. Wells Fargo & Company MN lifted its holdings in shares of Allete by 16.4% during the third quarter. Wells Fargo & Company MN now owns 192,433 shares of the utilities provider’s stock valued at $14,873,000 after acquiring an additional 27,135 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Allete by 30.5% during the third quarter. Envestnet Asset Management Inc. now owns 3,182 shares of the utilities provider’s stock valued at $247,000 after acquiring an additional 743 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Allete during the third quarter valued at $289,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Allete by 7.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,215 shares of the utilities provider’s stock valued at $1,176,000 after acquiring an additional 992 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Allete by 10.9% during the third quarter. California Public Employees Retirement System now owns 72,973 shares of the utilities provider’s stock valued at $5,640,000 after acquiring an additional 7,173 shares during the period. 73.47% of the stock is owned by institutional investors.
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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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