ALLETE (ALE) Upgraded by ValuEngine to Buy

ValuEngine upgraded shares of ALLETE (NYSE:ALE) from a hold rating to a buy rating in a research report report published on Monday.

A number of other analysts also recently commented on the company. Zacks Investment Research upgraded ALLETE from a sell rating to a hold rating in a research report on Tuesday, September 11th. Guggenheim reiterated a hold rating and issued a $71.00 price objective on shares of ALLETE in a research report on Monday, July 23rd. Wells Fargo & Co raised their price objective on ALLETE from $76.00 to $77.00 and gave the stock a market perform rating in a research report on Monday, September 17th. Finally, Williams Capital downgraded ALLETE from a buy rating to a hold rating and reduced their price objective for the stock from $76.00 to $73.00 in a research report on Monday, June 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. ALLETE currently has a consensus rating of Hold and an average target price of $74.50.

Shares of NYSE:ALE opened at $76.32 on Monday. ALLETE has a twelve month low of $66.64 and a twelve month high of $81.24. The company has a market cap of $3.85 billion, a P/E ratio of 23.92, a price-to-earnings-growth ratio of 3.74 and a beta of 0.18. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 0.69.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.11). ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The business had revenue of $344.10 million for the quarter, compared to the consensus estimate of $343.00 million. During the same quarter in the previous year, the company earned $0.72 EPS. ALLETE’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities research analysts forecast that ALLETE will post 3.34 earnings per share for the current fiscal year.

In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $75.70, for a total value of $302,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James J. Hoolihan sold 800 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $76.49, for a total value of $61,192.00. Following the completion of the sale, the director now owns 13,632 shares of the company’s stock, valued at approximately $1,042,711.68. The disclosure for this sale can be found here. Insiders sold a total of 5,600 shares of company stock valued at $426,088 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Several hedge funds have recently made changes to their positions in ALE. United Services Automobile Association raised its holdings in shares of ALLETE by 33.8% in the 2nd quarter. United Services Automobile Association now owns 36,832 shares of the utilities provider’s stock worth $2,851,000 after buying an additional 9,296 shares in the last quarter. Northern Trust Corp increased its holdings in ALLETE by 1.1% during the 2nd quarter. Northern Trust Corp now owns 1,422,127 shares of the utilities provider’s stock valued at $110,087,000 after purchasing an additional 15,514 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in ALLETE by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 799,563 shares of the utilities provider’s stock valued at $61,894,000 after purchasing an additional 4,956 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in ALLETE by 91.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 13,800 shares of the utilities provider’s stock valued at $172,000 after purchasing an additional 6,576 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in ALLETE by 24.9% during the 2nd quarter. California Public Employees Retirement System now owns 99,831 shares of the utilities provider’s stock valued at $7,728,000 after purchasing an additional 19,921 shares in the last quarter. Institutional investors own 73.24% of the company’s stock.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 16 non-affiliated municipal customers.

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Analyst Recommendations for ALLETE (NYSE:ALE)

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