Allete, Inc. (NYSE:ALE) has been given an average rating of “Hold” by the six research firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $77.67.

Several research analysts recently issued reports on the stock. Ladenburg Thalmann Financial Services lowered shares of Allete from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a research report on Friday, October 20th. Williams Capital restated a “hold” rating and set a $79.00 price target on shares of Allete in a research report on Thursday, October 12th. J P Morgan Chase & Co upped their price target on shares of Allete from $66.00 to $73.00 and gave the company an “underweight” rating in a research report on Thursday, October 12th. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating and set a $88.00 price target for the company in a research report on Tuesday, October 10th. Finally, ValuEngine upgraded shares of Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th.

Shares of Allete (NYSE:ALE) traded up $1.14 during trading hours on Monday, reaching $77.90. 792,500 shares of the company traded hands, compared to its average volume of 221,728. Allete has a one year low of $61.64 and a one year high of $81.24. The stock has a market capitalization of $3,978.06, a price-to-earnings ratio of 21.53, a PEG ratio of 3.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th were given a dividend of $0.535 per share. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $2.14 annualized dividend and a yield of 2.75%. Allete’s payout ratio is 61.85%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers boosted its position in Allete by 0.7% during the second quarter. Cetera Investment Advisers now owns 4,883 shares of the utilities provider’s stock valued at $350,000 after buying an additional 35 shares during the period. Advisor Group Inc. boosted its position in Allete by 2.1% during the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after buying an additional 45 shares during the period. Bronfman E.L. Rothschild L.P. boosted its position in Allete by 2.7% during 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 buying an additional 49 shares during the period. Paradigm Asset Management Co. LLC raised its stake in shares of Allete by 0.9% during the second quarter. Paradigm Asset Management Co. LLC now owns 10,750 shares of the utilities provider’s stock valued at $771,000 after acquiring an additional 100 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Allete by 1.3% during the second quarter. PNC Financial Services Group Inc. now owns 8,308 shares of the utilities provider’s stock valued at $596,000 after acquiring an additional 109 shares during the last quarter. Institutional investors and hedge funds own 73.31% of the company’s stock.

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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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