Allete Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 equities analysts have also commented on ALE. KeyCorp set a $65.50 price target on Allete and gave the stock a “buy” rating in a research report on Monday, September 12th. JPMorgan Chase & Co. restated a “sell” rating on shares of Allete in a research report on Monday, July 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.10.
Shares of Allete (NYSE:ALE) opened at 57.46 on Tuesday. The stock’s 50 day moving average price is $59.68 and its 200 day moving average price is $59.50. The company has a market cap of $2.84 billion, a P/E ratio of 18.86 and a beta of 0.52. Allete has a 12-month low of $47.93 and a 12-month high of $65.41.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by $0.01. The firm had revenue of $314.80 million for the quarter, compared to the consensus estimate of $326.70 million. Allete had a net margin of 10.02% and a return on equity of 8.13%. Allete’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. On average, analysts forecast that Allete will post $3.12 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. acquired a new stake in Allete during the second quarter valued at $23,950,000. Teachers Advisors Inc. boosted its stake in Allete by 396.6% in the first quarter. Teachers Advisors Inc. now owns 351,269 shares of the company’s stock valued at $19,696,000 after buying an additional 280,531 shares during the period. Vanguard Group Inc. boosted its stake in Allete by 5.6% in the second quarter. Vanguard Group Inc. now owns 4,206,851 shares of the company’s stock valued at $271,890,000 after buying an additional 222,385 shares during the period. AHL Partners LLP boosted its stake in Allete by 2,456.3% in the second quarter. AHL Partners LLP now owns 219,456 shares of the company’s stock valued at $14,183,000 after buying an additional 210,871 shares during the period. Finally, Foundry Partners LLC acquired a new stake in Allete during the second quarter valued at $13,385,000. Institutional investors and hedge funds own 71.25% of the company’s stock.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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