According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “
A number of other brokerages have also recently weighed in on ALE. KeyCorp set a $65.50 price target on Allete and gave the stock a buy rating in a research report on Monday, September 12th. JPMorgan Chase & Co. reiterated a sell rating on shares of Allete in a research note on Monday, July 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $62.10.
Allete (NYSE:ALE) opened at 57.58 on Tuesday. Allete has a 12-month low of $47.93 and a 12-month high of $65.41. The firm’s 50-day moving average price is $59.55 and its 200-day moving average price is $59.49. The company has a market cap of $2.84 billion, a P/E ratio of 18.90 and a beta of 0.52.
Allete (NYSE:ALE) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by $0.01. Allete had a return on equity of 8.13% and a net margin of 10.02%. The company earned $314.80 million during the quarter, compared to analyst estimates of $326.70 million. During the same period in the prior year, the firm earned $0.48 EPS. Allete’s quarterly revenue was down 2.6% on a year-over-year basis. Analysts expect that Allete will post $3.12 EPS for the current year.
A number of institutional investors have recently modified their holdings of ALE. Goldman Sachs Group Inc. raised its position in shares of Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock valued at $13,061,000 after buying an additional 157,294 shares in the last quarter. BlackRock Group LTD raised its position in shares of Allete by 15.7% in the first quarter. BlackRock Group LTD now owns 58,191 shares of the company’s stock valued at $3,262,000 after buying an additional 7,896 shares in the last quarter. BlackRock Inc. raised its position in shares of Allete by 64.4% in the first quarter. BlackRock Inc. now owns 4,100 shares of the company’s stock valued at $230,000 after buying an additional 1,606 shares in the last quarter. Aristotle Capital Boston LLC raised its position in shares of Allete by 0.6% in the first quarter. Aristotle Capital Boston LLC now owns 134,059 shares of the company’s stock valued at $7,517,000 after buying an additional 821 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Allete by 3.0% in the second quarter. California Public Employees Retirement System now owns 76,400 shares of the company’s stock valued at $4,938,000 after buying an additional 2,200 shares in the last quarter. Hedge funds and other institutional investors own 71.21% of the company’s stock.
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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