Wells Fargo & Co Reiterates $71.00 Price Target for ALLETE (ALE)

ALLETE (NYSE:ALE) received a $71.00 target price from equities research analysts at Wells Fargo & Co in a research report issued to clients and investors on Tuesday. The firm currently has a “hold” rating on the utilities provider’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 3.83% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. Ladenburg Thalmann Financial Services lowered shares of ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 price target on the stock. in a report on Friday, October 20th. JPMorgan Chase & Co. raised their price target on shares of ALLETE from $73.00 to $76.00 and gave the company an “underweight” rating in a report on Wednesday, November 15th. Finally, Williams Capital upgraded shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $77.20.

ALLETE (NYSE ALE) traded up $0.33 on Tuesday, hitting $68.38. 243,496 shares of the company traded hands, compared to its average volume of 312,335. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98. ALLETE has a twelve month low of $64.56 and a twelve month high of $81.24. The firm has a market capitalization of $3,544.70, a PE ratio of 19.74, a PEG ratio of 2.75 and a beta of 0.33.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, February 15th. The utilities provider reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.06. ALLETE had a net margin of 12.31% and a return on equity of 9.21%. The business had revenue of $337.90 million for the quarter, compared to analysts’ expectations of $348.00 million. During the same period last year, the company earned $0.70 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. research analysts expect that ALLETE will post 3.16 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of ALE. Macquarie Group Ltd. raised its holdings in ALLETE by 4,655.4% in the third quarter. Macquarie Group Ltd. now owns 675,263 shares of the utilities provider’s stock valued at $52,192,000 after buying an additional 661,063 shares during the period. Millennium Management LLC raised its holdings in ALLETE by 336.1% in the fourth quarter. Millennium Management LLC now owns 545,149 shares of the utilities provider’s stock valued at $40,537,000 after buying an additional 420,136 shares during the period. Sei Investments Co. raised its holdings in ALLETE by 399.6% in the fourth quarter. Sei Investments Co. now owns 472,667 shares of the utilities provider’s stock valued at $19,278,000 after buying an additional 378,053 shares during the period. Renaissance Technologies LLC raised its holdings in ALLETE by 72.9% in the fourth quarter. Renaissance Technologies LLC now owns 419,499 shares of the utilities provider’s stock valued at $31,194,000 after buying an additional 176,899 shares during the period. Finally, BlackRock Inc. raised its holdings in ALLETE by 1.6% in the fourth quarter. BlackRock Inc. now owns 6,686,198 shares of the utilities provider’s stock valued at $497,185,000 after buying an additional 108,468 shares during the period. Hedge funds and other institutional investors own 72.95% of the company’s stock.

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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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