Allete, Inc. (ALE) Stock Rating Reaffirmed by Williams Capital
Allete, Inc. (NYSE:ALE)‘s stock had its “hold” rating reaffirmed by equities researchers at Williams Capital in a report issued on Thursday. They presently have a $79.00 target price on the utilities provider’s stock. Williams Capital’s price target points to a potential upside of 0.79% from the company’s current price.
ALE has been the subject of several other reports. Zacks Investment Research downgraded Allete from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. BidaskClub raised Allete from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. ValuEngine raised Allete from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Finally, J P Morgan Chase & Co increased their price target on Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $79.25.
Allete (ALE) opened at 78.38 on Thursday. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 23.06 and a beta of 0.48. Allete has a 52-week low of $56.48 and a 52-week high of $79.69. The firm’s 50-day moving average is $77.87 and its 200-day moving average is $73.17.
Allete (NYSE:ALE) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. During the same period last year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts predict that Allete will post $3.38 earnings per share for the current year.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Lord Abbett & CO. LLC purchased a new position in shares of Allete in the second quarter valued at $6,702,000. USA Financial Portformulas Corp purchased a new position in shares of Allete in the second quarter valued at $294,000. WFG Advisors LP increased its position in shares of Allete by 1.7% in the second quarter. WFG Advisors LP now owns 16,576 shares of the utilities provider’s stock valued at $1,188,000 after buying an additional 283 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Allete by 0.7% in the second quarter. Cetera Investment Advisers now owns 4,883 shares of the utilities provider’s stock valued at $350,000 after buying an additional 35 shares in the last quarter. Finally, Banco BTG Pactual S.A. purchased a new position in shares of Allete in the second quarter valued at $1,971,000. Institutional investors and hedge funds own 70.99% of the company’s stock.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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