ALLETE Inc (ALE) Receives $64.25 Consensus Price Target from Analysts
Shares of ALLETE Inc (NYSE:ALE) have been given an average rating of “Hold” by the six research firms that are presently covering the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $64.25.
Separately, Zacks Investment Research upgraded ALLETE from a “sell” rating to a “hold” rating in a report on Monday, November 21st.
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Shares of ALLETE (NYSE:ALE) opened at 66.48 on Tuesday. The stock has a 50 day moving average of $66.04 and a 200-day moving average of $62.50. The company has a market cap of $3.33 billion, a PE ratio of 21.17 and a beta of 0.51. ALLETE has a 12 month low of $53.47 and a 12 month high of $67.79.
ALLETE (NYSE:ALE) last issued its earnings results on Wednesday, February 15th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.16. ALLETE had a return on equity of 7.46% and a net margin of 9.38%. The company had revenue of $341.50 million for the quarter, compared to analysts’ expectations of $384 million. During the same period last year, the business earned $0.37 EPS. ALLETE’s quarterly revenue was down 10.3% compared to the same quarter last year. Equities analysts forecast that ALLETE will post $3.46 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Wednesday, February 15th were given a $0.535 dividend. This is a positive change from ALLETE’s previous quarterly dividend of $0.52. This represents a $2.14 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Monday, February 13th. ALLETE’s dividend payout ratio is presently 81.99%.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its stake in ALLETE by 15.0% in the third quarter. BlackRock Fund Advisors now owns 3,678,607 shares of the company’s stock worth $219,319,000 after buying an additional 479,137 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in ALLETE during the fourth quarter worth approximately $24,329,000. Panagora Asset Management Inc. raised its stake in ALLETE by 57.8% in the third quarter. Panagora Asset Management Inc. now owns 382,925 shares of the company’s stock worth $22,830,000 after buying an additional 140,207 shares during the last quarter. JPMorgan Chase & Co. raised its stake in ALLETE by 4,858.8% in the third quarter. JPMorgan Chase & Co. now owns 123,277 shares of the company’s stock worth $7,349,000 after buying an additional 120,791 shares during the last quarter. Finally, Polaris Capital Management LLC raised its stake in ALLETE by 37.3% in the fourth quarter. Polaris Capital Management LLC now owns 431,700 shares of the company’s stock worth $27,711,000 after buying an additional 117,300 shares during the last quarter. 72.57% of the stock is owned by institutional investors and hedge funds.
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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