Williams Capital upgraded shares of ALLETE (NYSE:ALE) from a hold rating to a buy rating in a report issued on Friday morning, Marketbeat reports. Williams Capital currently has $76.00 price target on the utilities provider’s stock.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of ALLETE from a sell rating to a hold rating and set a $88.00 price target for the company in a research report on Tuesday, October 10th. Ladenburg Thalmann Financial Services downgraded shares of ALLETE from a buy rating to a neutral rating and set a $78.00 price target for the company. in a research report on Friday, October 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ALLETE from $66.00 to $73.00 and gave the company an underweight rating in a research report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $78.75.
Shares of ALLETE (NYSE:ALE) opened at $68.70 on Friday. ALLETE has a 12-month low of $64.56 and a 12-month high of $81.24. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 1.34. The stock has a market cap of $3,594.21, a P/E ratio of 19.86, a PEG ratio of 2.77 and a beta of 0.33.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Wednesday, February 14th. ALLETE’s dividend payout ratio (DPR) is presently 61.85%.
Several hedge funds have recently bought and sold shares of the company. Rocky Mountain Advisers LLC purchased a new position in shares of ALLETE during the 3rd quarter worth approximately $108,000. Resources Investment Advisors Inc. purchased a new position in shares of ALLETE during the 4th quarter worth approximately $111,000. Meeder Asset Management Inc. increased its stake in shares of ALLETE by 925.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 1,591 shares in the last quarter. Advisor Group Inc. increased its stake in shares of ALLETE by 2.1% during the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 45 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of ALLETE by 4.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 115 shares in the last quarter. Institutional investors own 73.16% 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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