J P Morgan Chase & Co Raises Allete, Inc. (ALE) Price Target to $73.00
Allete, Inc. (NYSE:ALE) had its target price boosted by J P Morgan Chase & Co from $66.00 to $73.00 in a report published on Thursday. The firm currently has an underweight rating on the utilities provider’s stock.
A number of other research firms also recently commented on ALE. Zacks Investment Research raised shares of Allete from a sell rating to a hold rating and set a $88.00 price objective for the company in a report on Tuesday, October 10th. ValuEngine raised shares of Allete from a hold rating to a buy rating in a report on Thursday, September 7th. BidaskClub raised shares of Allete from a buy rating to a strong-buy rating in a report on Tuesday, August 22nd. Finally, Williams Capital raised their target price on Allete from $75.00 to $78.00 and gave the company a buy rating in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $79.25.
Shares of Allete (NYSE:ALE) opened at 78.38 on Thursday. Allete has a 52-week low of $56.48 and a 52-week high of $79.69. The stock has a market cap of $3.92 billion, a P/E ratio of 24.96 and a beta of 0.48. The company has a 50-day moving average of $77.90 and a 200 day moving average of $73.24.
Allete (NYSE:ALE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 earnings per share. Equities research analysts forecast that Allete will post $3.37 EPS for the current fiscal year.
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In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s 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 SEC, which is available through this hyperlink. Company insiders own 0.42% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Lord Abbett & CO. LLC bought a new stake in Allete in the second quarter valued at $6,702,000. USA Financial Portformulas Corp bought a new stake in Allete in the second quarter valued at $294,000. WFG Advisors LP lifted its stake in 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 during the last quarter. Cetera Investment Advisers lifted its stake in 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 during the last quarter. Finally, Banco BTG Pactual S.A. bought a new stake in Allete in the second quarter valued at $1,971,000. Institutional investors own 70.99% of the company’s stock.
Allete Company Profile
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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