Allete, Inc. (NYSE:ALE) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday.

Other research analysts also recently issued research reports about the company. Ladenburg Thalmann Financial Services lifted their price objective on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. BidaskClub upgraded Allete from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Williams Capital lifted their price target on Allete from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Finally, Zacks Investment Research downgraded Allete from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $78.67.

Allete (NYSE ALE) traded up 0.69% during midday trading on Monday, hitting $77.82. The company’s stock had a trading volume of 283,245 shares. The company has a market cap of $3.97 billion, a PE ratio of 22.89 and a beta of 0.48. Allete has a 52-week low of $56.48 and a 52-week high of $79.61. The stock has a 50 day moving average of $77.06 and a 200 day moving average of $72.53.

Allete (NYSE:ALE) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.17. The company had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. On average, equities analysts expect that Allete will post $3.38 EPS for the current year.

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In other news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new position in shares of Allete in the 2nd quarter worth about $6,702,000. USA Financial Portformulas Corp bought a new position in shares of Allete during the second quarter valued at approximately $294,000. WFG Advisors LP increased its stake in shares of Allete by 1.7% during the second quarter. WFG Advisors LP now owns 16,576 shares of the utilities provider’s stock valued at $1,188,000 after purchasing an additional 283 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Allete by 0.7% during the second quarter. Cetera Investment Advisers now owns 4,883 shares of the utilities provider’s stock valued at $350,000 after purchasing an additional 35 shares in the last quarter. Finally, Banco BTG Pactual S.A. bought a new position in shares of Allete during the second quarter valued at approximately $1,971,000. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

Allete Company Profile

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

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