Allete Inc. (NYSE:ALE) has been given a consensus recommendation of “Hold” by the six research firms that are currently covering the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $61.83.
A number of brokerages have recently commented on ALE. Zacks Investment Research raised shares of Allete from a “sell” rating to a “hold” rating in a research report on Monday, September 19th. KeyCorp set a $65.50 target price on shares of Allete and gave the company a “buy” rating in a research note on Monday, September 12th. Finally, JPMorgan Chase & Co. reissued a “sell” rating on shares of Allete in a research note on Monday, July 4th.
Shares of Allete (NYSE:ALE) traded down 0.86% during midday trading on Tuesday, reaching $61.11. The company had a trading volume of 107,629 shares. Allete has a 12 month low of $47.93 and a 12 month high of $65.41. The company has a market capitalization of $3.02 billion, a P/E ratio of 20.06 and a beta of 0.56. The firm’s 50 day moving average price is $60.48 and its 200-day moving average price is $59.39.
Allete (NYSE:ALE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.01. The company had revenue of $314.80 million for the quarter, compared to analyst estimates of $326.70 million. Allete had a net margin of 10.02% and a return on equity of 8.13%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 EPS. Analysts anticipate that Allete will post $3.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 15th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.08 annualized dividend and a yield of 3.37%. Allete’s dividend payout ratio is 68.65%.
A number of hedge funds have recently modified their holdings of ALE. Kennedy Capital Management Inc. boosted its stake in shares of Allete by 6.1% in the first quarter. Kennedy Capital Management Inc. now owns 525,449 shares of the company’s stock valued at $29,462,000 after buying an additional 30,348 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Allete by 16.2% in the first quarter. Geode Capital Management LLC now owns 354,380 shares of the company’s stock valued at $19,870,000 after buying an additional 49,459 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake 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. State Street Corp boosted its stake in shares of Allete by 3.1% in the first quarter. State Street Corp now owns 1,078,807 shares of the company’s stock valued at $60,485,000 after buying an additional 32,076 shares in the last quarter. Finally, Huntington Asset Advisors Inc. purchased a new stake in shares of Allete during the first quarter valued at $1,473,000. 71.24% of the stock is currently owned by hedge funds and other institutional investors.
Allete Company Profile
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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