Q3 2016 Earnings Estimate for Allete Inc. Issued By KeyCorp (ALE)
Allete Inc. (NYSE:ALE) – KeyCorp decreased their Q3 2016 earnings per share (EPS) estimates for shares of Allete in a report released on Monday. KeyCorp analyst P. Ridzon now anticipates that the brokerage will post earnings per share of $0.98 for the quarter, down from their previous forecast of $1.00. KeyCorp has a “Buy” rating and a $65.50 price objective on the stock.
Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by $0.01. Allete had a return on equity of 8.13% and a net margin of 10.02%. The firm earned $314.80 million during the quarter, compared to analyst estimates of $326.70 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The business’s quarterly revenue was down 2.6% compared to the same quarter last year.
ALE has been the topic of several other research reports. Zacks Investment Research upgraded shares of Allete from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. reiterated a “sell” rating on shares of Allete in a research note on Monday, July 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $62.10.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/19/q3-2016-earnings-estimate-for-allete-inc-issued-by-keycorp-ale.html
Shares of Allete (NYSE:ALE) traded up 0.31% during trading on Wednesday, reaching $59.17. 96,062 shares of the company’s stock were exchanged. The company has a 50 day moving average of $59.50 and a 200 day moving average of $59.57. The firm has a market capitalization of $2.92 billion, a P/E ratio of 19.43 and a beta of 0.52. Allete has a 52-week low of $47.93 and a 52-week high of $65.41.
Hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc raised its position in shares of Allete by 0.3% in the second quarter. IFP Advisors Inc now owns 8,122 shares of the company’s stock valued at $525,000 after buying an additional 27 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Allete by 0.8% in the second quarter. PNC Financial Services Group Inc. now owns 6,114 shares of the company’s stock valued at $395,000 after buying an additional 51 shares during the period. LS Investment Advisors LLC raised its position in shares of Allete by 4.3% in the second quarter. LS Investment Advisors LLC now owns 1,639 shares of the company’s stock valued at $106,000 after buying an additional 68 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Allete by 2.6% in the second quarter. Public Employees Retirement System of Ohio now owns 2,856 shares of the company’s stock valued at $185,000 after buying an additional 73 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Allete by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the company’s stock valued at $1,325,000 after buying an additional 100 shares during the period. Institutional investors own 71.21% of the company’s stock.
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.
Receive News & Ratings for Allete Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allete Inc. and related companies with MarketBeat.com's FREE daily email newsletter.