Allete Inc. (ALE) Upgraded by Zacks Investment Research to “Hold”
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 research analysts also recently issued reports on ALE. KeyCorp restated an outperform rating and issued a $65.50 target price (up from $61.50) on shares of Allete in a report on Friday, July 1st. JPMorgan Chase & Co. reaffirmed a sell rating on shares of Allete in a research report on Monday, July 4th. One 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’s stock. Allete has a consensus rating of Hold and a consensus price target of $62.10.
Shares of Allete (NYSE:ALE) opened at 57.066 on Tuesday. Allete has a 52 week low of $47.93 and a 52 week high of $65.41. The company’s 50-day moving average is $59.76 and its 200 day moving average is $59.51. The stock has a market cap of $2.82 billion, a PE ratio of 18.735 and a beta of 0.52.
Allete (NYSE:ALE) last released 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. Allete had a net margin of 10.02% and a return on equity of 8.13%. The company earned $314.80 million during the quarter, compared to analysts’ expectations of $326.70 million. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Allete’s revenue for the quarter was down 2.6% compared to the same quarter last year. Analysts forecast that Allete will post $3.12 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its position in Allete by 20.9% in the first quarter. Aperio Group LLC now owns 24,087 shares of the company’s stock worth $1,351,000 after buying an additional 4,169 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in Allete by 186.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,840 shares of the company’s stock worth $1,000,000 after buying an additional 11,615 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Allete by 8.1% in the first quarter. TIAA CREF Investment Management LLC now owns 230,239 shares of the company’s stock worth $12,910,000 after buying an additional 17,158 shares during the last quarter. Teachers Advisors Inc. boosted its position in Allete by 396.6% in the first quarter. Teachers Advisors Inc. now owns 351,269 shares of the company’s stock worth $19,696,000 after buying an additional 280,531 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock worth $230,000 after buying an additional 1,606 shares during the last quarter. 71.25% of the stock is currently 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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