ALLETE (NYSE:ALE – Get Rating) had its price target decreased by Mizuho from $66.00 to $64.00 in a research note released on Tuesday morning, The Fly reports. Mizuho currently has a neutral rating on the utilities provider’s stock.
Other analysts also recently issued reports about the stock. StockNews.com upgraded shares of ALLETE from a sell rating to a hold rating in a research report on Tuesday, November 22nd. TheStreet upgraded shares of ALLETE from a c+ rating to a b- rating in a research report on Friday, December 2nd. Bank of America upgraded shares of ALLETE from a neutral rating to a buy rating and lifted their price objective for the company from $53.00 to $66.00 in a research report on Monday, November 14th. Wells Fargo & Company raised their target price on shares of ALLETE from $60.00 to $67.00 and gave the company an equal weight rating in a research note on Wednesday, December 14th. Finally, Guggenheim cut shares of ALLETE from a neutral rating to a sell rating and raised their target price for the company from $53.00 to $54.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $63.20.
ALLETE Trading Down 1.3 %
ALLETE stock opened at $62.29 on Tuesday. The firm’s 50-day moving average is $65.01 and its 200-day moving average is $60.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.35 and a current ratio of 1.02. ALLETE has a 1 year low of $47.77 and a 1 year high of $68.46. The company has a market cap of $3.56 billion, a P/E ratio of 16.93, a PEG ratio of 1.72 and a beta of 0.74.
ALLETE Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Stockholders of record on Tuesday, November 15th were paid a $0.65 dividend. The ex-dividend date was Monday, November 14th. This represents a $2.60 annualized dividend and a dividend yield of 4.17%. ALLETE’s dividend payout ratio is currently 70.65%.
Hedge Funds Weigh In On ALLETE
Hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC boosted its holdings in shares of ALLETE by 41.8% in the third quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider’s stock worth $28,000 after buying an additional 166 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of ALLETE during the second quarter worth approximately $29,000. Affiance Financial LLC acquired a new stake in shares of ALLETE during the fourth quarter worth approximately $34,000. BerganKDV Wealth Management LLC boosted its holdings in shares of ALLETE by 73.8% during the third quarter. BerganKDV Wealth Management LLC now owns 944 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 401 shares during the period. Finally, Venture Visionary Partners LLC acquired a new stake in shares of ALLETE during the second quarter worth approximately $51,000. Institutional investors and hedge funds own 77.52% of the company’s stock.
ALLETE Company Profile
ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities, Minnesota Power, SWL&P, and investment in ATC, which regulates utilities that own and maintain electric transmission assets.
- Get a free copy of the StockNews.com research report on ALLETE (ALE)
- How Will Early 2023 Layoffs Affect These 5 Biotech Stocks?
- Is the Pain Over for Baudax Bio Investors after a 70% Spike?
- Will Rocket Lab’s First U.S. Launch Send Stock Into Stratosphere?
- When Will Crane Holdings Take Flight?
- 3 Retail Stocks Ringing the Register in 2023
Receive News & Ratings for ALLETE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE and related companies with MarketBeat.com's FREE daily email newsletter.