Allete Inc. (ALE) Stock Rating Upgraded by Zacks Investment Research
Allete Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “
A number of other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. reissued a “sell” rating on shares of Allete in a research note on Monday, July 4th. KeyCorp reissued an “outperform” rating and set a $65.50 target price (up from $61.50) on shares of Allete in a research note on Friday, July 1st. Finally, Williams Capital raised 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 note on Wednesday, May 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $62.10.
Allete (NYSE:ALE) opened at 60.60 on Monday. The stock has a 50 day moving average price of $60.52 and a 200 day moving average price of $59.21. Allete has a 52 week low of $47.93 and a 52 week high of $65.41. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 19.89 and a beta of 0.56.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 3rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $314.80 million for the quarter, compared to analysts’ expectations of $326.70 million. Allete had a return on equity of 8.13% and a net margin of 10.02%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the company posted $0.48 earnings per share. Equities research analysts expect that Allete will post $3.12 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.43%. The ex-dividend date was Thursday, August 11th. Allete’s payout ratio is currently 68.65%.
Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its position in Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock valued at $13,061,000 after buying an additional 157,294 shares during the last quarter. BlackRock Group LTD increased its position in Allete by 15.7% in the first quarter. BlackRock Group LTD now owns 58,191 shares of the company’s stock valued at $3,262,000 after buying an additional 7,896 shares during the last quarter. BlackRock Inc. increased its position in Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock valued at $230,000 after buying an additional 1,606 shares during the last quarter. Aristotle Capital Boston LLC increased its position in Allete by 0.6% in the first quarter. Aristotle Capital Boston LLC now owns 134,059 shares of the company’s stock valued at $7,517,000 after buying an additional 821 shares during the last quarter. Finally, Aperio Group LLC increased its position in Allete by 20.9% in the first quarter. Aperio Group LLC now owns 24,087 shares of the company’s stock valued at $1,351,000 after buying an additional 4,169 shares during the last quarter. 71.60% of the stock is owned by hedge funds and other institutional investors.
Allete Company Profile
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.
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