ValuEngine downgraded shares of Allete, Inc. (NYSE:ALE) from a buy rating to a hold rating in a research report report published on Monday morning.

Several other research analysts have also recently weighed in on ALE. Ladenburg Thalmann Financial Services upped their price target on shares of Allete from $71.00 to $77.00 and gave the stock a buy rating in a report on Friday, June 9th. Williams Capital upped their price target on shares of Allete from $75.00 to $78.00 and gave the stock a buy rating in a report on Monday, June 19th. BidaskClub cut shares of Allete from a buy rating to a hold rating in a report on Wednesday, July 12th. Finally, Zacks Investment Research raised shares of Allete from a hold rating to a buy rating and set a $81.00 price target on the stock in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $78.67.

Shares of Allete (ALE) opened at 78.49 on Monday. The firm has a 50 day moving average price of $77.39 and a 200-day moving average price of $72.69. Allete has a one year low of $56.48 and a one year high of $79.61. The firm has a market cap of $4.00 billion, a P/E ratio of 23.09 and a beta of 0.48.

Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $342.50 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts forecast that Allete will post $3.38 earnings per share for the current year.

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In other news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction 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 SEC, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Allete by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after purchasing an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Allete by 2.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after purchasing an additional 49 shares during the period. LS Investment Advisors LLC increased its holdings in shares of Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after purchasing an additional 100 shares during the period. Advisor Group Inc. increased its holdings in shares of Allete by 2.1% in the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 45 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Allete by 4.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 115 shares during the period. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

About Allete

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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