Allete Inc. (NYSE:ALE)’s share price dropped 2% during mid-day trading on Thursday . The company traded as low as $63.61 and last traded at $63.63, with a volume of 77,445 shares traded. The stock had previously closed at $64.91.

A number of equities research analysts recently weighed in on the company. Williams Capital upgraded Allete from a “hold” rating to a “buy” rating and upped their price target for the stock from $60.00 to $63.00 in a report on Wednesday, May 25th. KeyCorp restated an “outperform” rating and issued a $65.50 price target (up previously from $61.50) on shares of Allete in a report on Friday, July 1st. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a report on Friday, May 27th. Finally, JPMorgan Chase & Co. restated a “sell” rating on shares of Allete in a report on Monday, July 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Allete has a consensus rating of “Hold” and a consensus price target of $59.50.

The company has a market cap of $3.17 billion and a PE ratio of 21.39. The company’s 50 day moving average price is $60.52 and its 200 day moving average price is $55.66.

Allete (NYSE:ALE) last issued its earnings results on Tuesday, May 3rd. The company reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.03. The company earned $333.80 million during the quarter, compared to analyst estimates of $355.90 million. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. On average, equities analysts forecast that Allete Inc. will post $3.20 earnings per share for the current year.

A number of institutional investors recently modified their holdings of ALE. New York State Common Retirement Fund increased its position in shares of Allete by 1.0% in the fourth quarter. New York State Common Retirement Fund now owns 256,241 shares of the company’s stock worth $13,025,000 after buying an additional 2,552 shares during the last quarter. Boston Partners acquired a new stake in Allete during the fourth quarter worth $6,685,000. California Public Employees Retirement System boosted its stake in Allete by 0.9% in the fourth quarter. California Public Employees Retirement System now owns 78,300 shares of the company’s stock worth $3,980,000 after buying an additional 700 shares during the period. Dean Investment Associates LLC acquired a new stake in Allete during the fourth quarter worth $3,389,000. Finally, Cornercap Investment Counsel Inc. boosted its stake in Allete by 171.5% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 26,910 shares of the company’s stock worth $1,368,000 after buying an additional 17,000 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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