Allete, Inc. (NYSE:ALE) was downgraded by research analysts at Ladenburg Thalmann Financial Services from a “buy” rating to a “neutral” rating in a research report issued on Friday. They currently have a $78.00 price objective on the utilities provider’s stock. Ladenburg Thalmann Financial Services’ target price indicates a potential downside of 1.18% from the company’s current price.
A number of other research analysts have also commented on the company. ValuEngine upgraded Allete from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Zacks Investment Research lowered Allete from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. BidaskClub lowered Allete from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Williams Capital reiterated a “hold” rating and issued a $79.00 price objective on shares of Allete in a research report on Thursday, October 12th. Finally, 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 report on Thursday, October 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $79.50.
Shares of Allete (NYSE:ALE) opened at 78.93 on Friday. The firm has a market cap of $4.02 billion, a P/E ratio of 23.22 and a beta of 0.48. Allete has a 52 week low of $56.48 and a 52 week high of $79.69. The company’s 50-day moving average price is $78.12 and its 200 day moving average price is $73.57.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.17. The firm had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. Allete had a return on equity of 9.21% and a net margin of 12.09%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the company earned $0.50 EPS. On average, equities analysts anticipate that Allete will post $3.37 earnings per share for the current year.
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In other 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 SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its stake in shares of Allete by 925.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock valued at $136,000 after purchasing an additional 1,591 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Allete by 8.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 141 shares during the period. Bronfman E.L. Rothschild L.P. lifted its stake 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 valued at $134,000 after purchasing an additional 49 shares during the period. LS Investment Advisors LLC lifted its stake 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 valued at $135,000 after purchasing an additional 100 shares during the period. Finally, Advisor Group Inc. lifted its stake 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 valued at $140,000 after purchasing an additional 45 shares during the period. 70.99% of the stock is currently owned by institutional investors.
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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