Allete, Inc. (NYSE:ALE) - Research analysts at KeyCorp upped their Q2 2017 earnings estimates for Allete in a report released on Monday. KeyCorp analyst P. Ridzon now forecasts that the utilities provider will earn $0.59 per share for the quarter, up from their prior estimate of $0.55.
A number of other equities analysts also recently weighed in on ALE. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a research note on Tuesday, April 4th. Williams Capital boosted their target price on Allete from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. Ladenburg Thalmann Financial Services boosted their target price on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Finally, BidaskClub downgraded Allete from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Allete has a consensus rating of “Buy” and a consensus target price of $75.38.
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Allete (NYSE ALE) opened at 72.29 on Wednesday. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 22.70 and a beta of 0.48. Allete has a 1-year low of $56.48 and a 1-year high of $74.59. The firm has a 50-day moving average price of $72.25 and a 200-day moving average price of $68.77.
Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, May 4th. The utilities provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The company had revenue of $365.60 million for the quarter, compared to analyst estimates of $338 million. Allete had a return on equity of 8.78% and a net margin of 11.55%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 earnings per share.
In other news, insider Steven Q. Devinck sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $69.67, for a total value of $139,340.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Amalgamated Bank increased its position in Allete by 0.8% in the first quarter. Amalgamated Bank now owns 6,318 shares of the utilities provider’s stock valued at $428,000 after buying an additional 49 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in Allete by 0.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,270 shares of the utilities provider’s stock valued at $763,000 after buying an additional 60 shares during the last quarter. World Asset Management Inc increased its position in Allete by 2.7% in the first quarter. World Asset Management Inc now owns 3,203 shares of the utilities provider’s stock valued at $217,000 after buying an additional 84 shares during the last quarter. LS Investment Advisors LLC increased its position in Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock valued at $135,000 after buying an additional 100 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in Allete by 0.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,399 shares of the utilities provider’s stock valued at $1,381,000 after buying an additional 130 shares during the last quarter. Institutional investors and hedge funds own 72.32% of the company’s stock.
Allete Company Profile
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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