Allete (ALE) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Allete (NYSE:ALE) from a hold rating to a sell rating in a research note published on Friday, November 17th.

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 equities analysts also recently weighed in on the company. ValuEngine raised Allete from a hold rating to a buy rating in a research report on Thursday, September 7th. Ladenburg Thalmann Financial Services downgraded Allete from a buy rating to a neutral rating and set a $78.00 price objective on the stock. in a research report on Friday, October 20th. J P Morgan Chase & Co upped their price objective on Allete from $73.00 to $76.00 and gave the company an underweight rating in a research report on Wednesday, November 15th. Williams Capital reaffirmed a hold rating and issued a $79.00 price objective on shares of Allete in a research report on Thursday, October 12th. Finally, BidaskClub upgraded Allete from a buy rating to a strong-buy rating in a report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. Allete currently has a consensus rating of Hold and an average price target of $80.25.

Allete (NYSE:ALE) traded up $0.18 during midday trading on Friday, hitting $80.39. The stock had a trading volume of 164,713 shares, compared to its average volume of 220,932. The company has a market cap of $4,100.00, a P/E ratio of 22.16, a P/E/G ratio of 4.09 and a beta of 0.47. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.71. Allete has a 52-week low of $61.15 and a 52-week high of $81.24.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were paid a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Tuesday, November 14th. Allete’s dividend payout ratio (DPR) is currently 61.85%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in Allete by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock valued at $103,782,000 after buying an additional 700,647 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of Allete by 4,655.4% in the third quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock valued at $52,192,000 after purchasing an additional 661,063 shares during the period. Federated Investors Inc. PA increased its holdings in shares of Allete by 271,658.0% in the second quarter. Federated Investors Inc. PA now owns 187,513 shares of the utilities provider’s stock valued at $13,442,000 after purchasing an additional 187,444 shares during the period. Monarch Partners Asset Management LLC acquired a new position in shares of Allete in the second quarter valued at about $13,295,000. Finally, Numeric Investors LLC increased its holdings in shares of Allete by 133.0% in the second quarter. Numeric Investors LLC now owns 319,227 shares of the utilities provider’s stock valued at $22,882,000 after purchasing an additional 182,227 shares during the period. Hedge funds and other institutional investors own 73.14% of the company’s stock.

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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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