Allete Inc. (ALE) Upgraded at Zacks Investment Research
Allete Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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 analysts have also issued reports on the company. JPMorgan Chase & Co. reissued a “sell” rating on shares of Allete in a report on Monday, July 4th. KeyCorp reissued an “outperform” rating and set a $65.50 target price (up from $61.50) on shares of Allete in a report on Friday, July 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $62.10.
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Shares of Allete (NYSE:ALE) traded down 1.59% during mid-day trading on Tuesday, reaching $56.81. The company’s stock had a trading volume of 182,646 shares. Allete has a 12 month low of $47.93 and a 12 month high of $65.41. The company has a 50-day moving average of $59.88 and a 200-day moving average of $59.53. The firm has a market cap of $2.81 billion, a PE ratio of 18.65 and a beta of 0.52.
Allete (NYSE:ALE) last posted 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 had revenue of $314.80 million for the quarter, compared to the consensus estimate of $326.70 million. Allete had a return on equity of 8.13% and a net margin of 10.02%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 EPS. On average, analysts predict that Allete will post $3.12 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in ALE. AMP Capital Investors Ltd acquired a new stake in Allete during the first quarter valued at $368,000. Kennedy Capital Management Inc. raised its stake in Allete by 6.1% in the first quarter. Kennedy Capital Management Inc. now owns 525,449 shares of the company’s stock valued at $29,462,000 after buying an additional 30,348 shares during the period. Geode Capital Management LLC raised its stake in Allete by 16.2% in the first quarter. Geode Capital Management LLC now owns 354,380 shares of the company’s stock valued at $19,870,000 after buying an additional 49,459 shares during the period. Goldman Sachs Group Inc. raised its stake in Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock valued at $13,061,000 after buying an additional 157,294 shares during the period. Finally, State Street Corp raised its stake in Allete by 3.1% in the first quarter. State Street Corp now owns 1,078,807 shares of the company’s stock valued at $60,485,000 after buying an additional 32,076 shares during the period. 71.25% of the stock is currently owned by institutional investors and hedge funds.
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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