Zacks Investment Research upgraded shares of ALLETE (NYSE:ALE) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
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. “
A number of other equities analysts have also commented on the stock. Guggenheim restated a hold rating and issued a $71.00 price objective on shares of ALLETE in a research report on Monday, July 23rd. ValuEngine lowered shares of ALLETE from a buy rating to a hold rating in a research report on Friday, August 24th. Finally, Williams Capital lowered shares of ALLETE from a buy rating to a hold rating and cut their price objective for the company from $76.00 to $73.00 in a research report on Monday, June 11th. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. ALLETE currently has a consensus rating of Hold and an average target price of $73.64.
ALE stock opened at $75.65 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.21 and a quick ratio of 0.80. ALLETE has a 12 month low of $66.64 and a 12 month high of $81.24. The company has a market capitalization of $3.87 billion, a PE ratio of 23.71, a PEG ratio of 3.76 and a beta of 0.18.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.11). ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The firm had revenue of $344.10 million during the quarter, compared to the consensus estimate of $343.00 million. During the same quarter last year, the business posted $0.72 earnings per share. ALLETE’s revenue was down 2.6% compared to the same quarter last year. equities research analysts predict that ALLETE will post 3.34 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Wednesday, August 15th were given a dividend of $0.56 per share. The ex-dividend date was Tuesday, August 14th. This represents a $2.24 annualized dividend and a yield of 2.96%. ALLETE’s payout ratio is presently 70.22%.
In other ALLETE news, Director James J. Hoolihan sold 800 shares of ALLETE stock in a transaction that occurred on Tuesday, June 26th. The shares were sold at an average price of $77.22, for a total transaction of $61,776.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 2,400 shares of company stock valued at $185,064. 0.42% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. bought a new stake in shares of ALLETE in the 2nd quarter worth approximately $114,000. Northwestern Mutual Wealth Management Co. lifted its holdings 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 worth $124,000 after acquiring an additional 1,462 shares during the last quarter. Signet Financial Management LLC bought a new stake in shares of ALLETE in the 2nd quarter worth approximately $160,000. Advisors Asset Management Inc. lifted its holdings 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 worth $172,000 after acquiring an additional 6,576 shares during the last quarter. Finally, Bruderman Asset Management LLC bought a new stake in shares of ALLETE in the 1st quarter worth approximately $184,000. Institutional investors and hedge funds own 73.26% of the company’s stock.
ALLETE Company Profile
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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