Allete (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued 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 weighed in on the stock. JPMorgan Chase boosted their price objective on shares of Allete from $64.00 to $66.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 10th. Mizuho assumed coverage on shares of Allete in a research report on Wednesday, February 28th. They issued a “buy” rating and a $71.50 price objective for the company. Guggenheim restated a “hold” rating and issued a $63.00 price objective on shares of Allete in a research report on Friday, February 23rd. Wells Fargo set a $71.00 price objective on shares of Allete and gave the stock a “hold” rating in a research report on Tuesday, February 13th. Finally, Williams Capital upgraded shares of Allete from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $73.36.
ALE stock traded up $1.07 during trading on Tuesday, hitting $74.21. The company had a trading volume of 232,987 shares, compared to its average volume of 431,715. 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 has a 12 month low of $66.64 and a 12 month high of $81.24. The stock has a market capitalization of $3,665.47, a PE ratio of 23.26, a price-to-earnings-growth ratio of 3.23 and a beta of 0.32.
Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.13). Allete had a return on equity of 8.40% and a net margin of 12.13%. The company had revenue of $337.90 million during the quarter, compared to the consensus estimate of $348.00 million. During the same quarter last year, the firm earned $0.70 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. equities analysts expect 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 shares were sold at an average price of $70.51, for a total transaction of $56,408.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALE. Millennium Management LLC grew its holdings in Allete by 336.1% during the 4th quarter. Millennium Management LLC now owns 545,149 shares of the utilities provider’s stock worth $40,537,000 after acquiring an additional 420,136 shares during the period. Sei Investments Co. grew its holdings in Allete by 399.6% during the 4th quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock worth $19,278,000 after acquiring an additional 378,053 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Allete by 72.9% in the 4th quarter. Renaissance Technologies LLC now owns 419,499 shares of the utilities provider’s stock valued at $31,194,000 after buying an additional 176,899 shares during the period. BlackRock Inc. grew its holdings in shares of Allete by 1.6% in the 4th quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock valued at $497,185,000 after buying an additional 108,468 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Allete by 46.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 258,925 shares of the utilities provider’s stock valued at $19,254,000 after buying an additional 82,711 shares during the period. 73.47% of the stock is owned by hedge funds and other institutional investors.
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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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