Allete, Inc. (ALE) Receives Average Rating of “Hold” from Analysts
Shares of Allete, Inc. (NYSE:ALE) have received an average recommendation of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $73.50.
A number of equities research analysts have weighed in on the stock. Ladenburg Thalmann Financial Services lifted their price target on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Williams Capital lifted their price target on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, BidaskClub downgraded shares of Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th.
Allete (NYSE:ALE) traded up 0.96% on Friday, hitting $73.45. 251,512 shares of the stock were exchanged. Allete has a 1-year low of $56.48 and a 1-year high of $74.59. The stock has a market cap of $3.74 billion, a PE ratio of 23.07 and a beta of 0.48. The company’s 50 day moving average is $72.37 and its 200 day moving average is $68.52.
Allete (NYSE:ALE) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.03. Allete had a net margin of 11.55% and a return on equity of 8.78%. The firm had revenue of $365.60 million for the quarter, compared to the consensus estimate of $338 million. During the same quarter in the previous year, the company earned $0.93 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts expect that Allete will post $3.46 earnings per share for the current year.
In other Allete news, insider Steven Q. Devinck sold 2,000 shares of Allete stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total transaction of $139,340.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.42% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. US Bancorp DE increased its stake in shares of Allete by 17.4% in the second quarter. US Bancorp DE now owns 41,735 shares of the utilities provider’s stock valued at $2,992,000 after buying an additional 6,175 shares in the last quarter. Peregrine Capital Management LLC increased its stake in shares of Allete by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 128,745 shares of the utilities provider’s stock valued at $9,228,000 after buying an additional 2,577 shares in the last quarter. Aperio Group LLC increased its stake in shares of Allete by 3.9% in the second quarter. Aperio Group LLC now owns 22,681 shares of the utilities provider’s stock valued at $1,626,000 after buying an additional 844 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Allete by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the utilities provider’s stock valued at $1,484,000 after buying an additional 300 shares in the last quarter. Finally, LS Investment Advisors LLC increased its stake in shares of Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock valued at $135,000 after buying an additional 100 shares in the last quarter. Institutional investors own 72.32% 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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