Williams Capital Raises Allete, Inc. (ALE) Price Target to $78.00
Allete, Inc. (NYSE:ALE) had its price target boosted by research analysts at Williams Capital from $75.00 to $78.00 in a research report issued on Monday. The brokerage presently has a “buy” rating on the utilities provider’s stock. Williams Capital’s target price would indicate a potential upside of 6.82% from the company’s previous close.
Other equities analysts have also issued reports about the company. Ladenburg Thalmann Financial Services lifted their price objective on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Tuesday, April 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $72.88.
Shares of Allete (NYSE:ALE) opened at 73.02 on Monday. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 22.93 and a beta of 0.50. Allete has a 52 week low of $56.48 and a 52 week high of $74.59. The firm’s 50-day moving average price is $71.31 and its 200-day moving average price is $67.18.
Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, May 4th. The utilities provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The business had revenue of $365.60 million for the quarter, compared to analyst estimates of $338 million. Allete had a return on equity of 8.78% and a net margin of 11.55%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. Equities research analysts expect that Allete will post $3.46 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 15th were paid a dividend of $0.535 per share. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $2.14 annualized dividend and a yield of 2.93%. Allete’s dividend payout ratio is 67.51%.
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In related news, insider Steven Q. Devinck sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $69.67, for a total transaction of $139,340.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.42% of the company’s stock.
A number of institutional investors have recently modified their holdings of ALE. Glen Harbor Capital Management LLC raised its position in shares of Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock valued at $102,000 after buying an additional 176 shares in the last quarter. Pacad Investment Ltd. purchased a new position in shares of Allete during the fourth quarter valued at about $116,000. Tyers Asset Management LLC purchased a new position in shares of Allete during the fourth quarter valued at about $117,000. Flinton Capital Management LLC purchased a new position in shares of Allete during the fourth quarter valued at about $149,000. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Allete during the first quarter valued at about $203,000. Hedge funds and other institutional investors own 72.32% of the company’s stock.
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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