Allete, Inc. (ALE) Cut to Hold at Zacks Investment Research
Allete, Inc. (NYSE:ALE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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. “
Several other brokerages also recently weighed in on ALE. ValuEngine raised shares of Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. J P Morgan Chase & Co upped their target price on shares of Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a report on Thursday, October 12th. Ladenburg Thalmann Financial Services downgraded shares of Allete from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a report on Friday, October 20th. Williams Capital reaffirmed a “hold” rating and issued a $79.00 target price on shares of Allete in a report on Thursday, October 12th. Finally, BidaskClub raised shares of Allete from a “hold” rating to a “buy” rating in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a strong buy rating to the stock. Allete has a consensus rating of “Hold” and a consensus price target of $79.50.
Shares of Allete (NYSE ALE) traded down $0.39 during trading on Friday, reaching $76.93. 276,504 shares of the company traded hands, compared to its average volume of 196,360. The company has a market capitalization of $3.98 billion, a P/E ratio of 21.57 and a beta of 0.47.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.17. The company had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. Allete had a net margin of 12.31% and a return on equity of 9.21%. Allete’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. analysts anticipate that Allete will post 3.32 earnings per share for the current year.
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In other Allete 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 transaction of $187,075.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Allete by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,960,166 shares of the utilities provider’s stock valued at $355,545,000 after purchasing an additional 172,317 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Allete by 93.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,447,846 shares of the utilities provider’s stock valued at $103,782,000 after purchasing an additional 700,647 shares during the last quarter. State Street Corp boosted its holdings in shares of Allete by 4.1% during the 2nd quarter. State Street Corp now owns 1,328,131 shares of the utilities provider’s stock valued at $95,203,000 after purchasing an additional 52,526 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Allete by 5.1% in the 2nd quarter. Northern Trust Corp now owns 1,288,830 shares of the utilities provider’s stock valued at $92,384,000 after acquiring an additional 62,774 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Allete by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 888,262 shares of the utilities provider’s stock valued at $63,671,000 after acquiring an additional 22,706 shares during the last quarter. 71.07% of the stock is 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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