Allete, Inc. (NYSE:ALE)‘s stock had its “hold” rating reissued by equities research analysts at Williams Capital in a research report issued on Thursday. They currently have a $79.00 target price on the utilities provider’s stock. Williams Capital’s price objective indicates a potential downside of 0.08% from the stock’s previous close.
A number of other brokerages have also recently commented on ALE. Zacks Investment Research cut shares of Allete from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. ValuEngine upgraded shares of Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. J P Morgan Chase & Co raised their price target on shares of Allete from $66.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, BidaskClub upgraded shares of Allete from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $77.50.
Shares of Allete (NYSE ALE) traded up 0.05% during mid-day trading on Thursday, hitting $79.10. The company had a trading volume of 67,496 shares. The firm’s 50-day moving average price is $77.75 and its 200 day moving average price is $73.05. Allete has a one year low of $56.48 and a one year high of $79.69. The company has a market capitalization of $4.03 billion, a P/E ratio of 23.27 and a beta of 0.48.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $342.50 million. Allete had a net margin of 12.09% and a return on equity of 9.21%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 earnings per share. Analysts predict that Allete will post $3.38 earnings per share for the current fiscal year.
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In other news, Director Madeleine W. Ludlow sold 2,500 shares of Allete stock in a transaction that occurred on 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 is accessible through the SEC website. Insiders own 0.42% of the company’s stock.
Several large investors have recently bought and sold shares of ALE. UBS Asset Management Americas Inc. raised its stake in shares of Allete by 25.4% in the first quarter. UBS Asset Management Americas Inc. now owns 35,795 shares of the utilities provider’s stock valued at $2,424,000 after acquiring an additional 7,252 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Allete by 30.5% in the first quarter. Envestnet Asset Management Inc. now owns 5,375 shares of the utilities provider’s stock valued at $364,000 after acquiring an additional 1,257 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Allete by 1.3% in the first quarter. Prudential Financial Inc. now owns 100,322 shares of the utilities provider’s stock valued at $6,793,000 after acquiring an additional 1,270 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Allete by 75.2% in the first quarter. SG Americas Securities LLC now owns 6,227 shares of the utilities provider’s stock valued at $422,000 after acquiring an additional 2,673 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Allete by 26.3% in the first quarter. Alliancebernstein L.P. now owns 93,007 shares of the utilities provider’s stock valued at $6,298,000 after acquiring an additional 19,341 shares during the last quarter. Institutional investors own 70.99% of the company’s stock.
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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