Allete, Inc. (ALE) Stock Rating Lowered by Zacks Investment Research
Allete, Inc. (NYSE:ALE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “
Other analysts have also recently issued reports about the company. J P Morgan Chase & Co increased their price objective on Allete from $66.00 to $73.00 and gave the company an “underweight” rating in a research note on Thursday, October 12th. Ladenburg Thalmann Financial Services cut Allete from a “buy” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research note on Friday, October 20th. Williams Capital reiterated a “hold” rating and issued a $79.00 price objective on shares of Allete in a research note on Thursday, October 12th. ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. Finally, BidaskClub cut Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $79.50.
Allete (NYSE ALE) traded down $0.39 during trading hours on Friday, reaching $76.93. The company’s stock had a trading volume of 276,504 shares, compared to its average volume of 196,360. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 21.57 and a beta of 0.47.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share (EPS) 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 return on equity of 9.21% and a net margin of 12.31%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm earned $0.50 earnings per share. equities research analysts predict that Allete will post 3.32 EPS for the current fiscal year.
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In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the firm’s 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 legal filing with the SEC, which can be accessed through this link. 0.42% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. raised its stake in Allete by 925.0% in the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock valued at $136,000 after buying an additional 1,591 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Allete by 8.5% in the second 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. raised its stake in 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 valued at $134,000 after buying an additional 49 shares in the last quarter. LS Investment Advisors LLC raised its stake in Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock valued at $135,000 after buying an additional 100 shares in the last quarter. Finally, Advisor Group Inc. raised its stake in Allete by 2.1% in the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock valued at $140,000 after buying an additional 45 shares in the last quarter. Institutional investors own 71.07% 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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