Zacks Investment Research upgraded shares of Allete, Inc. (NYSE:ALE) from a sell rating to a hold rating in a research note published on Tuesday morning.

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. “

A number of other equities research analysts have also issued reports on ALE. ValuEngine upgraded shares of Allete from a hold rating to a buy rating in a report on Thursday, September 7th. Williams Capital boosted their price target on shares of Allete from $75.00 to $78.00 and gave the company a buy rating in a report on Monday, June 19th. Finally, BidaskClub lowered shares of Allete from a buy rating to a hold rating in a report on Wednesday, July 12th. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $78.67.

Allete (ALE) opened at 78.81 on Tuesday. The stock’s 50 day moving average is $77.68 and its 200-day moving average is $73.01. Allete has a 52 week low of $56.48 and a 52 week high of $79.61. The stock has a market capitalization of $4.02 billion, a PE ratio of 23.19 and a beta of 0.48.

Allete (NYSE:ALE) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $342.50 million. During the same period in the prior year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 12.2% on a year-over-year basis. Equities research analysts forecast 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 business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total transaction of $187,075.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.42% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers increased its stake in Allete by 0.7% in the 2nd quarter. Cetera Investment Advisers now owns 4,883 shares of the utilities provider’s stock valued at $350,000 after buying an additional 35 shares during the period. Advisor Group Inc. increased its stake in Allete by 2.1% in the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after buying an additional 45 shares during the period. Amalgamated Bank increased its stake in Allete by 0.8% in the 1st quarter. Amalgamated Bank now owns 6,318 shares of the utilities provider’s stock valued at $428,000 after buying an additional 49 shares during the period. Bronfman E.L. Rothschild L.P. increased its stake in Allete by 2.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock valued at $134,000 after buying an additional 49 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in Allete by 0.5% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock valued at $763,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 70.99% of the company’s stock.

About Allete

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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