Shares of Allete, Inc. (NYSE:ALE) have earned a consensus recommendation of “Buy” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $77.50.

Several research analysts have commented on the stock. Ladenburg Thalmann Financial Services upped their price objective 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 lifted their target price on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 19th. BidaskClub lowered shares of Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th.

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In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Allete by 8.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock valued at $129,000 after buying an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its position in shares of Allete by 2.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares during the period. LS Investment Advisors LLC grew its position in shares of Allete by 5.6% in the 2nd quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the period. Advisor Group Inc. grew its position in shares of Allete by 2.1% in the 2nd quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after buying an additional 45 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Allete by 4.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after buying an additional 115 shares during the period. 70.99% of the stock is owned by institutional investors and hedge funds.

Allete (NYSE:ALE) traded up 1.21% on Wednesday, reaching $78.49. The company had a trading volume of 187,292 shares. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 23.09 and a beta of 0.48. Allete has a one year low of $56.48 and a one year high of $79.61. The company’s 50 day moving average is $77.15 and its 200-day moving average is $72.61.

Allete (NYSE:ALE) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $353.30 million for 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 firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 earnings per share. On average, equities research analysts expect that Allete will post $3.38 earnings per share for the current fiscal year.

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.

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