Allete, Inc. (NYSE:ALE) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

A number of other research firms have also weighed in on ALE. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Ladenburg Thalmann Financial Services boosted their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, June 9th. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Finally, Williams Capital boosted their price objective on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, June 19th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $75.38.

Allete (NYSE:ALE) traded up 0.62% during mid-day trading on Thursday, hitting $79.14. 138,058 shares of the stock traded hands. Allete has a 12-month low of $56.48 and a 12-month high of $79.27. The company has a market cap of $4.03 billion, a price-to-earnings ratio of 23.28 and a beta of 0.48. The firm’s 50-day moving average is $75.11 and its 200-day moving average is $71.16.

Allete (NYSE:ALE) last posted its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The business had revenue of $353.30 million during 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 was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. Equities research analysts expect that Allete will post $3.38 EPS for the current year.

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In related news, Director Madeleine W. Ludlow sold 2,500 shares of the business’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 value of $187,075.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Glen Harbor Capital Management LLC grew its holdings 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 valued at $102,000 after purchasing an additional 176 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Allete by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. grew its holdings 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 valued at $134,000 after purchasing an additional 49 shares during the period. LS Investment Advisors LLC grew its holdings in 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 purchasing an additional 100 shares during the period. Finally, Tyers Asset Management LLC grew its holdings in Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 242 shares during the period. Hedge funds and other institutional investors own 72.43% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Allete (NYSE:ALE)

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