StockNews.com Begins Coverage on ALLETE (NYSE:ALE)

StockNews.com began coverage on shares of ALLETE (NYSE:ALEGet Free Report) in a report issued on Wednesday. The firm set a “hold” rating on the utilities provider’s stock.

A number of other equities analysts also recently issued reports on the stock. Guggenheim raised shares of ALLETE from a “sell” rating to a “neutral” rating and set a $58.00 price target for the company in a research note on Monday, January 22nd. Wells Fargo & Company upped their price objective on shares of ALLETE from $57.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $58.60.

Get Our Latest Research Report on ALLETE

ALLETE Trading Up 0.3 %

Shares of NYSE:ALE traded up $0.22 on Wednesday, reaching $63.15. 450,799 shares of the company traded hands, compared to its average volume of 369,398. The business’s 50-day simple moving average is $59.66 and its 200 day simple moving average is $58.82. The company has a current ratio of 1.66, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. ALLETE has a 52 week low of $49.29 and a 52 week high of $65.86. The stock has a market capitalization of $3.64 billion, a P/E ratio of 15.18 and a beta of 0.75.

ALLETE (NYSE:ALEGet Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.08). The firm had revenue of $402.70 million during the quarter, compared to the consensus estimate of $425.21 million. ALLETE had a return on equity of 7.21% and a net margin of 13.94%. ALLETE’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. As a group, equities analysts anticipate that ALLETE will post 3.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gilliland Jeter Wealth Management LLC purchased a new position in shares of ALLETE during the 4th quarter worth $801,000. Alps Advisors Inc. increased its holdings in shares of ALLETE by 41.4% in the 3rd quarter. Alps Advisors Inc. now owns 8,976 shares of the utilities provider’s stock worth $474,000 after buying an additional 2,626 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in ALLETE by 214.3% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 339,627 shares of the utilities provider’s stock valued at $17,932,000 after purchasing an additional 231,582 shares during the last quarter. Gotham Asset Management LLC grew its holdings in ALLETE by 102.9% during the 3rd quarter. Gotham Asset Management LLC now owns 42,446 shares of the utilities provider’s stock valued at $2,241,000 after purchasing an additional 21,528 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in ALLETE by 13.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 77,881 shares of the utilities provider’s stock valued at $4,112,000 after purchasing an additional 9,478 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Company Profile

(Get Free Report)

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.

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