Zacks Investment Research Upgrades Allete Inc. (ALE) to Hold
Allete Inc. (NYSE:ALE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
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 analysts have also issued research reports about the stock. Guggenheim assumed coverage on shares of Allete in a research report on Friday, November 4th. They issued a “neutral” rating on the stock. Macquarie initiated coverage on shares of Allete in a research report on Thursday, November 3rd. They issued a “neutral” rating on the stock. Finally, KeyCorp set a $65.50 price target on shares of Allete and gave the company a “buy” rating in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $62.10.
Shares of Allete (NYSE:ALE) traded up 0.77% on Monday, hitting $61.40. 228,803 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $59.12 and its 200 day moving average is $60.24. The firm has a market cap of $3.04 billion, a P/E ratio of 23.40 and a beta of 0.48. Allete has a 12 month low of $47.93 and a 12 month high of $65.41.
Allete (NYSE:ALE) last announced its quarterly earnings data on Friday, November 4th. The company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.96 by $0.15. The company earned $349.60 million during the quarter, compared to the consensus estimate of $205.30 million. Allete had a return on equity of 7.46% and a net margin of 9.38%. The business’s revenue was down 24.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. On average, equities analysts predict that Allete will post $3.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Thursday, November 10th. Allete’s dividend payout ratio (DPR) is presently 79.69%.
A number of hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC raised its stake in Allete by 4.3% in the second quarter. LS Investment Advisors LLC now owns 1,639 shares of the company’s stock worth $106,000 after buying an additional 68 shares during the period. Advisor Group Inc. purchased a new stake in Allete during the second quarter worth $113,000. Riverhead Capital Management LLC raised its stake in Allete by 44.6% in the third quarter. Riverhead Capital Management LLC now owns 2,100 shares of the company’s stock worth $125,000 after buying an additional 648 shares during the period. Tower Research Capital LLC TRC purchased a new stake in Allete during the second quarter worth $144,000. Finally, Acrospire Investment Management LLC raised its stake in Allete by 69.0% in the second quarter. Acrospire Investment Management LLC now owns 2,704 shares of the company’s stock worth $175,000 after buying an additional 1,104 shares during the period. 71.41% of the stock is currently owned by institutional investors and hedge funds.
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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