ALLETE (NYSE:ALE) Upgraded at Zacks Investment Research

ALLETE (NYSE:ALEGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

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. “

ALE has been the subject of a number of other reports. StockNews.com began coverage on ALLETE in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Mizuho decreased their target price on ALLETE from $66.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday, March 2nd.

Shares of ALE stock traded down $0.39 during mid-day trading on Monday, hitting $60.72. The company’s stock had a trading volume of 9,243 shares, compared to its average volume of 328,758. The company’s fifty day simple moving average is $63.16 and its 200-day simple moving average is $63.47. ALLETE has a 52 week low of $56.84 and a 52 week high of $73.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.51 and a current ratio of 0.86. The company has a market cap of $3.24 billion, a PE ratio of 17.45 and a beta of 0.62.

ALLETE (NYSE:ALEGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The utilities provider reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.05). ALLETE had a return on equity of 6.23% and a net margin of 12.55%. The business had revenue of $383.50 million during the quarter, compared to the consensus estimate of $353.25 million. During the same period last year, the business posted $0.99 earnings per share. The business’s revenue was up 13.1% on a year-over-year basis. On average, equities analysts anticipate that ALLETE will post 3.72 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its stake in shares of ALLETE by 421.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock worth $26,000 after buying an additional 308 shares during the last quarter. Creative Financial Designs Inc. ADV bought a new position in shares of ALLETE in the first quarter worth $30,000. Amplius Wealth Advisors LLC bought a new position in shares of ALLETE in the fourth quarter worth $33,000. FSB Premier Wealth Management Inc. bought a new position in shares of ALLETE in the fourth quarter worth $35,000. Finally, Widmann Financial Services Inc. bought a new position in shares of ALLETE in the fourth quarter worth $35,000. Institutional investors and hedge funds own 70.30% of the company’s stock.

About ALLETE (Get Rating)

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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

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