Allete, Inc. (NYSE:ALE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “

Other equities analysts have also issued research reports about the stock. Ladenburg Thalmann Financial Services raised 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. ValuEngine lowered shares of Allete from a “buy” rating to a “hold” rating in a research report on Monday. BidaskClub lowered shares of Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Williams Capital raised 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $78.67.

Shares of Allete (NYSE ALE) traded up 1.21% during trading on Wednesday, reaching $78.49. 187,292 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $77.15 and its 200 day moving average price is $72.61. The firm has a market capitalization of $4.00 billion, a PE ratio of 23.09 and a beta of 0.48. Allete has a 52 week low of $56.48 and a 52 week high of $79.61.

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 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 company had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. During the same quarter last year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts predict that Allete will post $3.38 EPS for the current fiscal year.

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In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Allete by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock valued at $129,000 after buying an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted 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 in the last quarter. LS Investment Advisors LLC lifted 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 in the last quarter. Advisor Group Inc. lifted its position in shares of Allete by 2.1% in the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 45 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Allete by 4.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 115 shares in the last quarter. 70.99% of the stock is owned by institutional investors.

About Allete

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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