Allete Inc. (ALE) Rating Increased to Hold at Zacks Investment Research
Allete Inc. (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. “
ALE has been the topic of several other reports. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Allete in a research note on Monday, July 4th. KeyCorp reissued an “outperform” rating and set a $65.50 price target (up from $61.50) on shares of Allete in a research report on Friday, July 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $62.10.
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Shares of Allete (NYSE:ALE) traded down 1.59% during trading on Tuesday, hitting $56.81. 182,646 shares of the stock were exchanged. Allete has a one year low of $47.93 and a one year high of $65.41. The stock has a market cap of $2.81 billion, a PE ratio of 18.65 and a beta of 0.52. The stock’s 50 day moving average price is $59.88 and its 200 day moving average price is $59.53.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by $0.01. The firm earned $314.80 million during the quarter, compared to analyst estimates of $326.70 million. Allete had a net margin of 10.02% and a return on equity of 8.13%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. Equities research analysts predict that Allete will post $3.12 EPS for the current year.
Several institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in shares of Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock worth $13,061,000 after buying an additional 157,294 shares during the last quarter. BlackRock Group LTD raised its position in shares of Allete by 15.7% in the first quarter. BlackRock Group LTD now owns 58,191 shares of the company’s stock worth $3,262,000 after buying an additional 7,896 shares during the last quarter. BlackRock Inc. raised its position in shares of Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock worth $230,000 after buying an additional 1,606 shares during the last quarter. Aristotle Capital Boston LLC raised its position in shares of Allete by 0.6% in the first quarter. Aristotle Capital Boston LLC now owns 134,059 shares of the company’s stock worth $7,517,000 after buying an additional 821 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Allete by 3.0% in the second quarter. California Public Employees Retirement System now owns 76,400 shares of the company’s stock worth $4,938,000 after buying an additional 2,200 shares during the last quarter. 71.25% of the stock is currently owned by institutional investors.
Allete Company Profile
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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