Allete Inc. (ALE) Sees Large Volume Increase
Allete Inc. (NYSE:ALE) shares saw unusually-high trading volume on Tuesday . Approximately 297,959 shares traded hands during trading, an increase of 85% from the previous session’s volume of 160,850 shares.The stock last traded at $59.42 and had previously closed at $60.34.
ALE has been the topic of several analyst reports. Williams Capital raised shares of Allete from a “hold” rating to a “buy” rating and increased their target price for the stock from $60.00 to $63.00 in a research report on Wednesday, May 25th. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a research report on Friday, May 27th. KeyCorp reissued an “outperform” rating and set a $65.50 target price (up from $61.50) on shares of Allete in a research report on Friday, July 1st. Finally, JPMorgan Chase & Co. reissued a “sell” rating on shares of Allete in a research report on Monday, July 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Allete currently has a consensus rating of “Hold” and an average target price of $62.10.
The stock’s 50 day moving average is $63.14 and its 200 day moving average is $58.04. The firm has a market cap of $2.93 billion and a P/E ratio of 19.51.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by $0.01. During the same period last year, the business earned $0.48 earnings per share. The firm had revenue of $314.80 million for the quarter, compared to the consensus estimate of $326.70 million. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, analysts predict that Allete Inc. will post $3.14 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, August 15th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Thursday, August 11th.
Other large investors recently bought and sold shares of the company. Dean Investment Associates LLC bought a new stake in Allete during the fourth quarter valued at approximately $3,389,000. 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 valued at $3,980,000 after buying an additional 700 shares in the last quarter. Piermont Capital Management Inc. boosted its stake in Allete by 24.5% in the fourth quarter. Piermont Capital Management Inc. now owns 63,081 shares of the company’s stock valued at $3,206,000 after buying an additional 12,420 shares in the last quarter. State of Tennessee Treasury Department bought a new stake in Allete during the fourth quarter valued at approximately $1,804,000. Finally, Bank of Montreal Can boosted 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 valued at $2,210,000 after buying an additional 42,671 shares in the last quarter.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.