Allete, Inc. (NYSE:ALE) has earned an average rating of “Buy” from the eight analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $73.50.

A number of equities research analysts have recently issued reports on ALE shares. Ladenburg Thalmann Financial Services increased their price target on shares of Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. Williams Capital increased their price target on shares of Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, June 19th. BidaskClub downgraded shares of Allete from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Wednesday, July 26th. Finally, ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a report on Thursday.

In other news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Glen Harbor Capital Management LLC increased 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 worth $102,000 after purchasing an additional 176 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of 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 purchasing an additional 141 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of 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 purchasing an additional 49 shares during the last quarter. LS Investment Advisors LLC increased its position 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 worth $135,000 after purchasing an additional 100 shares during the last quarter. Finally, Tyers Asset Management LLC increased its position in shares of 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 purchasing an additional 242 shares during the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

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Allete (NYSE ALE) traded up 0.62% during trading on Friday, reaching $79.14. 138,058 shares of the company were exchanged. The firm’s 50 day moving average price is $75.11 and its 200-day moving average price is $71.16. Allete has a one year low of $56.48 and a one year high of $79.27. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 23.28 and a beta of 0.48.

Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. During the same period in the prior year, the firm earned $0.50 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts predict that Allete will post $3.38 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were issued a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Friday, August 11th. Allete’s payout ratio is 63.13%.

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.

Analyst Recommendations for Allete (NYSE:ALE)

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