ALLETE Inc (ALE) Receives Consensus Recommendation of “Hold” from Analysts

ALLETE Inc (NYSE:ALE) has earned an average recommendation of “Hold” from the six ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $75.67.

ALE has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. JPMorgan Chase & Co. lifted their target price on shares of ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a report on Wednesday, November 15th. Williams Capital reaffirmed a “hold” rating and set a $79.00 target price on shares of ALLETE in a report on Thursday, October 12th. Finally, 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.

Shares of ALLETE (NYSE ALE) traded down $0.40 during mid-day trading on Tuesday, hitting $68.30. 383,176 shares of the company traded hands, compared to its average volume of 290,243. The company has a market cap of $3,510.00, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 2.77 and a beta of 0.33. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.71. ALLETE has a 1-year low of $64.56 and a 1-year high of $81.24.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be issued a dividend of $0.56 per share. This is an increase from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, February 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. ALLETE’s payout ratio is presently 61.85%.

Several hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers boosted its holdings in ALLETE by 0.7% in the 2nd quarter. Cetera Investment Advisers now owns 4,883 shares of the utilities provider’s stock valued at $350,000 after purchasing an additional 35 shares during the period. Advisor Group Inc. boosted its holdings in ALLETE by 2.1% in the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 45 shares during the period. PNC Financial Services Group Inc. boosted its holdings in ALLETE by 1.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,308 shares of the utilities provider’s stock valued at $596,000 after purchasing an additional 109 shares during the period. Coldstream Capital Management Inc. boosted its holdings in ALLETE by 3.7% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,141 shares of the utilities provider’s stock valued at $225,000 after purchasing an additional 111 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in ALLETE by 4.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock valued at $198,000 after purchasing an additional 115 shares during the period. 73.16% of the stock is owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: This news story was reported by American Banking News and is the property of of American Banking News. If you are reading this news story on another publication, it was illegally stolen and republished in violation of United States & international copyright & trademark law. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2018/02/06/allete-inc-ale-receives-consensus-recommendation-of-hold-from-analysts.html.

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.

Receive News & Ratings for ALLETE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply