Zacks Investment Research upgraded shares of ALLETE (NYSE:ALE) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $83.00 price objective on the utilities provider’s stock.
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 analysts also recently issued reports on ALE. Wells Fargo & Co lifted their price target on ALLETE from $76.00 to $77.00 and gave the company a market perform rating in a research note on Monday, September 17th. ValuEngine raised ALLETE from a hold rating to a buy rating in a research note on Monday, October 8th. Finally, Williams Capital downgraded ALLETE from a hold rating to a sell rating and set a $69.00 price target on the stock. in a research note on Monday, December 10th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. ALLETE presently has an average rating of Hold and an average target price of $72.92.
ALLETE stock traded down $0.13 during mid-day trading on Tuesday, hitting $74.90. 2,074 shares of the company’s stock were exchanged, compared to its average volume of 241,556. The company has a market capitalization of $3.80 billion, a PE ratio of 23.55, a PEG ratio of 3.45 and a beta of 0.30. ALLETE has a fifty-two week low of $66.64 and a fifty-two week high of $82.82. The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 0.69.
ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.08). The business had revenue of $348.00 million for the quarter, compared to analyst estimates of $366.00 million. ALLETE had a return on equity of 7.46% and a net margin of 11.12%. The business’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 EPS. Analysts predict that ALLETE will post 3.38 EPS for the current fiscal year.
In other ALLETE news, CEO Alan R. Hodnik sold 4,000 shares of ALLETE stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $81.05, for a total value of $324,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.41% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ALE. FMR LLC acquired a new stake in shares of ALLETE in the 3rd quarter valued at about $122,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of ALLETE by 1,051.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock valued at $124,000 after purchasing an additional 1,462 shares during the period. Quantbot Technologies LP acquired a new stake in shares of ALLETE in the 3rd quarter valued at about $128,000. BerganKDV Wealth Management LLC raised its stake in shares of ALLETE by 57.0% in the 3rd quarter. BerganKDV Wealth Management LLC now owns 1,987 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 721 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in shares of ALLETE by 91.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 13,800 shares of the utilities provider’s stock valued at $172,000 after purchasing an additional 6,576 shares during the period. 71.16% of the stock is currently owned by hedge funds and other institutional investors.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.
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