Allete Inc. (ALE) Upgraded at Zacks Investment Research
Allete Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “
Other equities analysts have also issued research reports about the stock. KeyCorp set a $65.50 target price on shares of Allete and gave the stock a “buy” rating in a research report on Monday, September 12th. JPMorgan Chase & Co. reiterated a “sell” rating on shares of Allete in a research note on Monday, July 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $62.10.
Allete (NYSE:ALE) traded down 1.59% during mid-day trading on Tuesday, hitting $56.81. 182,646 shares of the company were exchanged. The stock’s 50 day moving average is $59.88 and its 200-day moving average is $59.53. Allete has a 12-month low of $47.93 and a 12-month high of $65.41. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 18.65 and a beta of 0.52.
Allete (NYSE:ALE) last announced its earnings results on Wednesday, August 3rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.01. Allete had a return on equity of 8.13% and a net margin of 10.02%. The company had revenue of $314.80 million for the quarter, compared to the consensus estimate of $326.70 million. During the same period last year, the firm posted $0.48 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. Equities research analysts predict that Allete will post $3.12 EPS for the current year.
Several large investors have recently modified their holdings of ALE. Goldman Sachs Group Inc. increased its stake in shares of Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock valued at $13,061,000 after buying an additional 157,294 shares in the last quarter. BlackRock Group LTD increased its stake in shares of Allete by 15.7% in the first quarter. BlackRock Group LTD now owns 58,191 shares of the company’s stock valued at $3,262,000 after buying an additional 7,896 shares in the last quarter. BlackRock Inc. increased its stake in shares of Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock valued at $230,000 after buying an additional 1,606 shares in the last quarter. Aristotle Capital Boston LLC increased its stake in shares of Allete by 0.6% in the first quarter. Aristotle Capital Boston LLC now owns 134,059 shares of the company’s stock valued at $7,517,000 after buying an additional 821 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Allete by 3.0% in the second quarter. California Public Employees Retirement System now owns 76,400 shares of the company’s stock valued at $4,938,000 after buying an additional 2,200 shares in the last quarter. Institutional investors own 71.25% of the company’s stock.
Allete Company Profile
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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