Allete Inc. (NYSE:ALE) was down 2% on Thursday . The stock traded as low as $63.61 and last traded at $63.63, with a volume of 77,445 shares trading hands. The stock had previously closed at $64.91.

Several equities research analysts recently commented on ALE shares. Williams Capital cut Allete from a “buy” rating to a “hold” rating and set a $60.00 target price for the company. in a research note on Tuesday, March 29th. JPMorgan Chase & Co. raised their target price on Allete from $47.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 30th. Zacks Investment Research raised Allete from a “sell” rating to a “hold” rating in a research note on Friday, May 27th. Finally, KeyCorp reaffirmed an “outperform” rating and set a $65.50 target price (up previously from $61.50) on shares of Allete in a research note on Friday, July 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Allete presently has a consensus rating of “Hold” and a consensus target price of $59.50.

The stock has a market cap of $3.14 billion and a price-to-earnings ratio of 21.18. The stock has a 50-day moving average of $60.25 and a 200 day moving average of $55.55.

Allete (NYSE:ALE) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.03. During the same period last year, the firm earned $0.91 EPS. The firm had revenue of $333.80 million for the quarter, compared to the consensus estimate of $355.90 million. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities research analysts expect that Allete Inc. will post $3.20 EPS for the current year.

A number of large investors have recently modified their holdings of ALE. US Bancorp DE raised its stake in shares of Allete by 6.7% in the fourth quarter. US Bancorp DE now owns 43,062 shares of the company’s stock valued at $2,189,000 after buying an additional 2,700 shares during the period. Suntrust Banks Inc. raised its stake in Allete by 10.7% in the fourth quarter. Suntrust Banks Inc. now owns 47,733 shares of the company’s stock worth $2,425,000 after buying an additional 4,605 shares during the period. Bank of Montreal Can raised its stake in Allete by 5,242.1% in the fourth quarter. Bank of Montreal Can now owns 43,485 shares of the company’s stock worth $2,210,000 after buying an additional 42,671 shares during the period. Edge Asset Management Inc. raised its stake in Allete by 1.1% in the fourth quarter. Edge Asset Management Inc. now owns 473,567 shares of the company’s stock worth $24,072,000 after buying an additional 5,352 shares during the period. Finally, Morgan Stanley raised its stake in Allete by 220.3% in the fourth quarter. Morgan Stanley now owns 215,574 shares of the company’s stock worth $10,956,000 after buying an additional 148,265 shares during the period.

ALLETE, Inc is a provider of energy. The Company operates under the following segments: Regulated Operations, and Investments and Other. The Company’s Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Co (SWL&P), as well as its investment in American Transmission Company (ATC).

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