ALLETE (NYSE:ALE) Coverage Initiated by Analysts at StockNews.com

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

A number of other research analysts have also recently issued reports on ALE. Mizuho lifted their price target on ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Wells Fargo & Company boosted their target price on shares of ALLETE from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, ALLETE presently has an average rating of “Hold” and an average price target of $60.40.

Get Our Latest Research Report on ALLETE

ALLETE Stock Performance

NYSE ALE opened at $62.71 on Friday. ALLETE has a 1-year low of $49.29 and a 1-year high of $65.86. The company has a 50 day moving average of $60.76 and a 200-day moving average of $59.42. The company has a current ratio of 1.66, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 15.07 and a beta of 0.75.

ALLETE (NYSE:ALEGet Free Report) last released its quarterly earnings results on Thursday, May 9th. The utilities provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). ALLETE had a net margin of 13.94% and a return on equity of 7.21%. The business had revenue of $403.30 million for the quarter, compared to analyst estimates of $581.26 million. On average, equities analysts forecast that ALLETE will post 3.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ALLETE

Several institutional investors have recently modified their holdings of ALE. Dimensional Fund Advisors LP boosted its position in ALLETE by 2.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock valued at $54,355,000 after purchasing an additional 24,690 shares during the last quarter. Boston Partners raised its position in ALLETE by 23.6% during the fourth quarter. Boston Partners now owns 19,120 shares of the utilities provider’s stock worth $1,169,000 after acquiring an additional 3,647 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new stake in ALLETE in the fourth quarter valued at $801,000. Alps Advisors Inc. lifted its stake in ALLETE by 41.4% in the third quarter. Alps Advisors Inc. now owns 8,976 shares of the utilities provider’s stock valued at $474,000 after acquiring an additional 2,626 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its stake in shares of ALLETE by 214.3% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 339,627 shares of the utilities provider’s stock worth $17,932,000 after purchasing an additional 231,582 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

About ALLETE

(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.

Further Reading

Analyst Recommendations for ALLETE (NYSE:ALE)

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