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 research analysts have also recently issued research reports about the company. KeyCorp set a $65.50 target price on Allete and gave the company a “buy” rating in a research note on Monday, September 12th. Guggenheim initiated coverage on Allete in a research note on Friday, November 4th. They set a “neutral” rating for the company. Finally, Macquarie initiated coverage on Allete in a research note on Thursday, November 3rd. They set a “neutral” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $62.10.
Shares of Allete (NYSE:ALE) traded down 0.39% on Tuesday, reaching $63.75. 235,107 shares of the company traded hands. Allete has a 52-week low of $47.93 and a 52-week high of $65.41. The company has a market capitalization of $3.15 billion, a PE ratio of 24.29 and a beta of 0.48. The firm has a 50-day moving average of $59.88 and a 200-day moving average of $60.50.
Allete (NYSE:ALE) last issued its quarterly earnings results on Friday, November 4th. The company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by $0.15. The business had revenue of $349.60 million for the quarter, compared to analyst estimates of $205.30 million. Allete had a net margin of 9.38% and a return on equity of 7.46%. Allete’s revenue for the quarter was down 24.4% on a year-over-year basis. During the same period last year, the business posted $1.25 earnings per share. On average, equities research analysts forecast that Allete will post $3.12 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be given a $0.52 dividend. The ex-dividend date is Thursday, November 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.26%. Allete’s dividend payout ratio (DPR) is 79.69%.
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Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its position in Allete by 15.0% in the third quarter. BlackRock Fund Advisors now owns 3,678,607 shares of the company’s stock worth $219,319,000 after buying an additional 479,137 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Allete during the second quarter valued at about $23,950,000. Vanguard Group Inc. increased its stake in shares of Allete by 5.6% in the second quarter. Vanguard Group Inc. now owns 4,206,851 shares of the company’s stock valued at $271,890,000 after buying an additional 222,385 shares in the last quarter. AHL Partners LLP increased its stake in shares of Allete by 2,456.3% in the second quarter. AHL Partners LLP now owns 219,456 shares of the company’s stock valued at $14,183,000 after buying an additional 210,871 shares in the last quarter. Finally, Foundry Partners LLC acquired a new stake in shares of Allete during the second quarter valued at about $13,385,000. Institutional investors and hedge funds own 72.21% 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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