BidaskClub upgraded shares of Allete, Inc. (NYSE:ALE) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday morning.
Several other analysts have also weighed in on the stock. Williams Capital lifted their target price on shares of Allete from $75.00 to $78.00 and gave the company a buy rating in a research report on Monday, June 19th. Zacks Investment Research upgraded shares of Allete from a sell rating to a hold rating in a research report on Tuesday, April 25th. Finally, Ladenburg Thalmann Financial Services lifted their target price on shares of Allete from $71.00 to $77.00 and gave the company a buy rating in a research report on Friday, June 9th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $75.38.
Shares of Allete (NYSE:ALE) opened at 76.73 on Tuesday. The stock’s 50 day moving average price is $73.11 and its 200-day moving average price is $70.32. Allete has a 52-week low of $56.48 and a 52-week high of $76.89. The firm has a market cap of $3.91 billion, a PE ratio of 22.57 and a beta of 0.48.
Allete (NYSE:ALE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. Allete had a net margin of 12.09% and a return on equity of 9.21%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $342.50 million. During the same period in the previous year, the business earned $0.50 EPS. The firm’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Allete will post $3.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a $0.535 dividend. The ex-dividend date is Friday, August 11th. This represents a $2.14 dividend on an annualized basis and a yield of 2.79%. Allete’s dividend payout ratio (DPR) is presently 63.13%.
In other Allete news, Director Madeleine W. Ludlow sold 2,500 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $74.83, for a total value of $187,075.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Glen Harbor Capital Management LLC raised its position in shares of Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock worth $102,000 after buying an additional 176 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Allete by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after buying an additional 141 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its position in shares of Allete by 2.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Allete by 5.6% in the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares during the last quarter. Finally, Tyers Asset Management LLC raised its position in shares of Allete by 13.3% in the first quarter. Tyers Asset Management LLC now owns 2,068 shares of the utilities provider’s stock worth $140,000 after buying an additional 242 shares during the last quarter. Institutional investors own 73.28% 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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