ALLETE Inc (ALE) Receives $75.67 Consensus PT from Brokerages
ALLETE Inc (NYSE:ALE) has been given a consensus recommendation of “Hold” by the six analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $75.67.
A number of equities analysts have recently issued reports on ALE shares. Williams Capital raised shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a research report on Friday, February 2nd. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, January 16th. Ladenburg Thalmann Financial Services cut shares of ALLETE from a “buy” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Friday, October 20th. Finally, JPMorgan Chase & Co. cut their price objective on shares of ALLETE from $76.00 to $73.00 and set an “underweight” rating on the stock in a research report on Thursday, January 25th.
Hedge funds have recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC bought a new position in shares of ALLETE during the 3rd quarter worth about $108,000. Resources Investment Advisors Inc. bought a new position in shares of ALLETE during the 4th quarter worth about $111,000. Meeder Asset Management Inc. boosted its position in shares of ALLETE by 925.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 1,591 shares in the last quarter. Advisor Group Inc. boosted its position in shares of ALLETE by 2.1% during the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 45 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of ALLETE by 4.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after acquiring an additional 115 shares during the last quarter. 73.16% of the stock is currently owned by institutional investors.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Wednesday, February 14th. This is a boost from ALLETE’s previous quarterly dividend of $0.54. ALLETE’s dividend payout ratio is 61.85%.
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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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