Allete, Inc. (ALE) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Allete, Inc. (NYSE:ALE) have received a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $73.50.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday. BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Williams Capital raised their target price on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services raised their target price on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, June 9th.
Allete (ALE) traded down 0.31% during mid-day trading on Tuesday, hitting $73.99. 173,137 shares of the stock traded hands. The stock has a market cap of $3.77 billion, a PE ratio of 21.77 and a beta of 0.48. The company has a 50 day moving average of $72.40 and a 200-day moving average of $69.79. Allete has a 12-month low of $56.48 and a 12-month high of $75.17.
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, topping analysts’ consensus estimates of $0.55 by $0.17. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. Equities research analysts forecast that Allete will post $3.38 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.535 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.89%. Allete’s dividend payout ratio (DPR) is presently 63.13%.
In other news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.42% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ALE. Glen Harbor Capital Management LLC raised 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. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Allete by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after buying an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in Allete by 2.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares during the period. LS Investment Advisors LLC raised 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. Finally, Tyers Asset Management LLC raised 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. Hedge funds and other institutional investors own 73.28% 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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