ALLETE Inc (ALE) Given Average Recommendation of “Hold” by Brokerages
ALLETE Inc (NYSE:ALE) has earned an average recommendation of “Hold” from the eight brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $72.75.
Several research firms have recently issued reports on ALE. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Zacks Investment Research lowered ALLETE from a “hold” rating to a “sell” rating in a report on Saturday, July 14th. Guggenheim reaffirmed a “hold” rating and issued a $71.00 target price on shares of ALLETE in a report on Monday, July 23rd. Wells Fargo & Co upped their target price on ALLETE from $76.00 to $77.00 and gave the company a “market perform” rating in a report on Monday. Finally, Williams Capital lowered ALLETE from a “buy” rating to a “hold” rating and reduced their target price for the company from $76.00 to $73.00 in a report on Monday, June 11th.
Shares of ALE stock traded down $2.17 during trading on Wednesday, hitting $74.84. The company’s stock had a trading volume of 14,721 shares, compared to its average volume of 317,129. The firm has a market cap of $3.89 billion, a PE ratio of 23.41, a P/E/G ratio of 3.78 and a beta of 0.18. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 0.69. ALLETE has a 52 week low of $66.64 and a 52 week high of $81.24.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Wednesday, August 15th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Tuesday, August 14th. ALLETE’s dividend payout ratio (DPR) is 70.22%.
In other ALLETE news, Director James J. Hoolihan sold 800 shares of the stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $77.62, for a total transaction of $62,096.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total value of $302,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,400 shares of company stock valued at $487,864. 0.41% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ALE. Westwood Holdings Group Inc. grew its holdings in ALLETE by 110.7% during the first quarter. Westwood Holdings Group Inc. now owns 1,137,420 shares of the utilities provider’s stock valued at $82,179,000 after purchasing an additional 597,594 shares during the period. Millennium Management LLC lifted its position in shares of ALLETE by 85.7% during the second quarter. Millennium Management LLC now owns 535,829 shares of the utilities provider’s stock worth $41,479,000 after acquiring an additional 247,338 shares in the last quarter. BlackRock Inc. lifted its position in shares of ALLETE by 3.3% during the second quarter. BlackRock Inc. now owns 5,842,142 shares of the utilities provider’s stock worth $452,239,000 after acquiring an additional 185,088 shares in the last quarter. Sei Investments Co. lifted its position in shares of ALLETE by 2,720.3% during the second quarter. Sei Investments Co. now owns 142,116 shares of the utilities provider’s stock worth $11,001,000 after acquiring an additional 137,077 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of ALLETE by 10.3% during the first quarter. Northern Trust Corp now owns 1,406,613 shares of the utilities provider’s stock worth $101,627,000 after acquiring an additional 131,876 shares in the last quarter. 73.25% of the stock is owned by institutional investors and hedge funds.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.
Further Reading: Hedge Funds
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