Brokerages Set Allete Inc. (NYSE:ALE) Price Target at $61.83
Allete Inc. (NYSE:ALE) has earned a consensus rating of “Hold” from the six research firms that are presently covering the firm. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $61.83.
Several analysts recently issued reports on ALE shares. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Allete in a report on Monday, July 4th. Zacks Investment Research upgraded shares of Allete from a “sell” rating to a “hold” rating in a research note on Monday, September 19th. Finally, KeyCorp set a $65.50 target price on shares of Allete and gave the company a “buy” rating in a research note on Monday, September 12th.
A number of institutional investors have recently added to or reduced their stakes 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 valued at $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 shares of 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 in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of 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 in the last quarter. Teachers Advisors Inc. boosted its position in shares of 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 in the last quarter. Finally, BlackRock Inc. boosted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 71.24% of the company’s stock.
Allete (NYSE:ALE) opened at 59.87 on Tuesday. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 19.66 and a beta of 0.56. Allete has a 1-year low of $47.93 and a 1-year high of $65.41. The firm’s 50-day moving average is $60.42 and its 200-day moving average is $59.44.
Allete (NYSE:ALE) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The firm had revenue of $314.80 million for the quarter, compared to the consensus estimate of $326.70 million. Allete had a return on equity of 8.13% and a net margin of 10.02%. Allete’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. On average, equities analysts anticipate that Allete will post $3.12 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.47%. The ex-dividend date was Thursday, August 11th. Allete’s payout ratio is currently 68.65%.
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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