ALLETE (ALE) Cut to Underperform at Mizuho

ALLETE (NYSE:ALE) was downgraded by stock analysts at Mizuho from a “neutral” rating to an “underperform” rating in a note issued to investors on Monday, The Fly reports.

Several other analysts have also issued reports on ALE. Williams Capital lowered shares of ALLETE from a “hold” rating to a “sell” rating and set a $69.00 price target on the stock. in a research report on Monday, December 10th. Zacks Investment Research lowered shares of ALLETE from a “hold” rating to a “sell” rating in a research report on Wednesday, November 7th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. ALLETE presently has a consensus rating of “Hold” and an average target price of $72.92.

Shares of NYSE:ALE opened at $79.30 on Monday. ALLETE has a 12-month low of $67.07 and a 12-month high of $82.82. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 24.86 and a beta of 0.28. The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 0.69.

In related news, CEO Alan R. Hodnik sold 4,000 shares of the stock in a transaction that occurred on Wednesday, December 12th. The shares were sold at an average price of $81.05, for a total value of $324,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of ALLETE by 2.6% during the fourth quarter. BlackRock Inc. now owns 6,117,904 shares of the utilities provider’s stock valued at $466,306,000 after acquiring an additional 154,336 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of ALLETE by 1.4% during the third quarter. Vanguard Group Inc. now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after acquiring an additional 71,585 shares during the last quarter. Vanguard Group Inc raised its stake in shares of ALLETE by 1.4% during the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after acquiring an additional 71,585 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of ALLETE by 0.4% during the third quarter. Victory Capital Management Inc. now owns 1,289,036 shares of the utilities provider’s stock valued at $96,690,000 after acquiring an additional 5,317 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in ALLETE by 28.7% during the third quarter. Renaissance Technologies LLC now owns 986,999 shares of the utilities provider’s stock worth $74,035,000 after buying an additional 220,199 shares during the last quarter. 73.87% of the stock is owned by institutional investors and hedge funds.

About ALLETE

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.

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