StockNews.com Begins Coverage on ALLETE (NYSE:ALE)

by · The Cerbat Gem

StockNews.com started coverage on shares of ALLETE (NYSE:ALE – Free Report) in a report released on Tuesday. The firm issued a hold rating on the utilities provider’s stock.

Separately, Sidoti upgraded shares of ALLETE from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.00.

View Our Latest Stock Report on ALLETE

ALLETE Price Performance

NYSE ALE opened at $64.34 on Tuesday. The company has a 50-day moving average price of $63.88 and a two-hundred day moving average price of $62.97. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 15.47 and a beta of 0.80. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51. ALLETE has a 52 week low of $52.30 and a 52 week high of $65.86.

ALLETE (NYSE:ALE – Get Free Report) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.57 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.30). ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The business had revenue of $354.50 million during the quarter, compared to analyst estimates of $547.24 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. The firm’s revenue was down 33.6% compared to the same quarter last year.

Hedge Funds Weigh In On ALLETE

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its position in ALLETE by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 86,053 shares of the utilities provider’s stock worth $5,263,000 after acquiring an additional 3,015 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of ALLETE by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 6,579,504 shares of the utilities provider’s stock valued at $402,402,000 after buying an additional 176,709 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of ALLETE by 36.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 19,063 shares of the utilities provider’s stock valued at $1,137,000 after acquiring an additional 5,045 shares during the last quarter. AlphaMark Advisors LLC bought a new stake in shares of ALLETE during the 1st quarter worth $297,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of ALLETE by 157.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,993 shares of the utilities provider’s stock worth $536,000 after acquiring an additional 5,502 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

ALLETE Company Profile

(Get Free Report)

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric 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 150,000 retail customers and 14 non-affiliated municipal customers.

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