Allete (NYSE:ALE) Hits New 52-Week High – Here’s Why

Allete, Inc. (NYSE:ALE)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $67.72 and last traded at $67.6750, with a volume of 367122 shares traded. The stock had previously closed at $67.47.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ALE shares. Wall Street Zen lowered shares of Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Allete in a research note on Monday, December 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Allete currently has a consensus rating of “Buy”.

Allete Trading Up 0.3%

The company has a 50 day moving average price of $67.38 and a two-hundred day moving average price of $65.74. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 23.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.73 and a current ratio of 1.17.

Allete (NYSE:ALE) last released its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.34). Allete had a return on equity of 5.08% and a net margin of 11.04%.The company had revenue of $375.00 million for the quarter, compared to analyst estimates of $434.90 million.

Hedge Funds Weigh In On Allete

Institutional investors and hedge funds have recently bought and sold shares of the business. IFP Advisors Inc boosted its holdings in shares of Allete by 27.8% during the 3rd quarter. IFP Advisors Inc now owns 727 shares of the utilities provider’s stock worth $51,000 after purchasing an additional 158 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Allete during the 3rd quarter valued at about $414,000. Captrust Financial Advisors grew its holdings in shares of Allete by 1.0% in the third quarter. Captrust Financial Advisors now owns 43,979 shares of the utilities provider’s stock valued at $2,920,000 after purchasing an additional 415 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Allete in the 3rd quarter valued at about $57,000. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Allete by 2.2% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 26,947 shares of the utilities provider’s stock worth $1,786,000 after buying an additional 569 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Allete Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.