Allete, Inc. (NYSE:ALE) Lifted to “Buy” at BidaskClub
Allete, Inc. (NYSE:ALE) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Friday.
Several other analysts also recently issued reports on ALE. Zacks Investment Research downgraded shares of Allete from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Williams Capital boosted their target price on shares of Allete from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Finally, Ladenburg Thalmann Financial Services boosted their target price on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $75.38.
Allete (NYSE:ALE) traded up 0.49% during trading on Friday, reaching $73.98. The company’s stock had a trading volume of 188,449 shares. The firm has a market capitalization of $3.77 billion, a P/E ratio of 16.26 and a beta of 0.48. The firm has a 50-day moving average price of $72.17 and a 200-day moving average price of $69.12. Allete has a 52 week low of $56.48 and a 52 week high of $74.59.
Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. During the same period in the previous year, the business earned $0.50 EPS. The company’s revenue was up 12.2% on a year-over-year basis. On average, equities analysts anticipate that Allete will post $3.38 EPS for the current fiscal year.
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In other news, insider Steven Q. Devinck sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total value of $139,340.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.42% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Glen Harbor Capital Management LLC increased its position in Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the period. LS Investment Advisors LLC increased its position in Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the period. Tyers Asset Management LLC increased its position in Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock worth $140,000 after buying an additional 242 shares during the period. Flinton Capital Management LLC increased its position in Allete by 13.3% in the first quarter. Flinton Capital Management LLC now owns 2,632 shares of the utilities provider’s stock worth $178,000 after buying an additional 308 shares during the period. Finally, Piedmont Investment Advisors LLC bought a new position in Allete during the first quarter worth $203,000. 72.38% of the stock is currently owned by institutional investors and hedge funds.
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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