Allete, Inc. (ALE) Given Consensus Rating of “Hold” by Brokerages
Allete, Inc. (NYSE:ALE) has been assigned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $77.67.
Several brokerages have recently weighed in on ALE. BidaskClub raised shares of Allete from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Zacks Investment Research lowered shares of Allete from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. ValuEngine lowered shares of Allete from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. J P Morgan Chase & Co increased their price objective on shares of Allete from $73.00 to $76.00 and gave the company an “underweight” rating in a research report on Wednesday, November 15th. Finally, Williams Capital reaffirmed a “hold” rating and set a $79.00 price target on shares of Allete in a research report on Thursday, October 12th.
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Large investors have recently added to or reduced their stakes in the stock. Rocky Mountain Advisers LLC bought a new position in Allete during the third quarter worth about $108,000. Meeder Asset Management Inc. increased its position in Allete by 925.0% during the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,591 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Allete by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after acquiring an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. grew its stake in Allete by 2.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares in the last quarter. Finally, LS Investment Advisors LLC grew its stake in Allete by 5.6% during the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Allete (NYSE ALE) traded down $0.63 on Thursday, hitting $77.88. 148,900 shares of the stock traded hands, compared to its average volume of 221,970. The company has a market capitalization of $4,007.12, a price-to-earnings ratio of 21.69, a PEG ratio of 4.01 and a beta of 0.47. Allete has a 52 week low of $60.97 and a 52 week high of $80.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.34 and a quick ratio of 0.98.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, November 14th. Allete’s dividend payout ratio is 61.85%.
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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