Other analysts have also issued reports about the stock. 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 note on Friday, February 2nd. Zacks Investment Research upgraded shares of ALLETE from a sell rating to a hold rating in a research note on Tuesday, January 16th. Wells Fargo & Co set a $71.00 price objective on shares of ALLETE and gave the company a hold rating in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of ALLETE from $76.00 to $73.00 and set an underweight rating for the company in a research note on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and an average price target of $74.83.
Shares of ALLETE (ALE) opened at $69.44 on Friday. The firm has a market cap of $3,579.03, a PE ratio of 20.89, a price-to-earnings-growth ratio of 3.41 and a beta of 0.33. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.77 and a current ratio of 1.05. ALLETE has a 12 month low of $64.56 and a 12 month high of $81.24.
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 paid a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.23%. ALLETE’s payout ratio is currently 66.27%.
Hedge funds have recently made changes to their positions in the company. Rocky Mountain Advisers LLC bought a new stake in shares of ALLETE in the third quarter worth approximately $108,000. Resources Investment Advisors Inc. bought a new stake in shares of ALLETE in the fourth quarter worth approximately $111,000. Meeder Asset Management Inc. grew its stake in shares of ALLETE by 925.0% in the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,591 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of ALLETE by 4.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after acquiring an additional 115 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of ALLETE by 48.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,675 shares of the utilities provider’s stock worth $199,000 after acquiring an additional 873 shares during the period. Hedge funds and other institutional investors own 73.01% 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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