Allete, Inc. (NYSE:ALE) has been given a consensus rating of “Buy” by the seven ratings firms that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $73.50.
Several research analysts recently commented on the company. Ladenburg Thalmann Financial Services increased their price objective on Allete from $71.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, June 9th. BidaskClub downgraded Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research raised Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Wednesday, July 26th. Finally, Williams Capital increased their price objective on Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th.
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Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue boosted its stake in shares of Allete by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the utilities provider’s stock valued at $375,000 after buying an additional 170 shares during the last quarter. Blackstart Capital LP bought a new stake in shares of Allete during the first quarter valued at about $5,883,000. Victory Capital Management Inc. boosted its position in Allete by 0.3% in the first quarter. Victory Capital Management Inc. now owns 1,521,686 shares of the utilities provider’s stock worth $103,033,000 after buying an additional 4,111 shares in the last quarter. Jane Street Group LLC acquired a new position in Allete during the first quarter worth $363,000. Finally, Prudential Financial Inc. boosted its position in Allete by 1.3% in the first quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock worth $6,793,000 after buying an additional 1,270 shares in the last quarter. Institutional investors own 72.64% of the company’s stock.
Allete (NYSE:ALE) opened at 74.48 on Friday. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 21.91 and a beta of 0.48. The company has a 50 day moving average of $72.37 and a 200-day moving average of $69.55. Allete has a 12-month low of $56.48 and a 12-month high of $75.17.
Allete (NYSE:ALE) last posted its quarterly earnings data 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. Allete had a return on equity of 9.21% and a net margin of 12.09%. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $342.50 million. During the same period in the prior year, the company earned $0.50 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts forecast that Allete will post $3.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.535 dividend. This represents a $2.14 annualized dividend and a yield of 2.87%. The ex-dividend date is Friday, August 11th. Allete’s payout ratio is currently 63.13%.
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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