Research Analysts’ Recent Ratings Changes for ALLETE (ALE)

ALLETE (NYSE: ALE) has recently received a number of price target changes and ratings updates:

  • 4/15/2022 – ALLETE was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/8/2022 – ALLETE was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 3/31/2022 – ALLETE is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
  • 3/30/2022 – ALLETE was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 3/23/2022 – ALLETE was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 3/2/2022 – ALLETE had its price target lowered by analysts at Mizuho from $66.00 to $60.00. They now have a “neutral” rating on the stock.
  • 2/24/2022 – ALLETE was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.

Shares of ALE opened at $63.44 on Tuesday. ALLETE, Inc. has a 1-year low of $56.84 and a 1-year high of $73.10. The stock has a market cap of $3.38 billion, a PE ratio of 19.64 and a beta of 0.57. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.54 and a quick ratio of 0.36. The firm has a fifty day moving average price of $63.97 and a 200 day moving average price of $63.56.

ALLETE (NYSE:ALEGet Rating) last issued its quarterly earnings results on Wednesday, February 16th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.08. ALLETE had a net margin of 11.92% and a return on equity of 5.89%. The business had revenue of $399.00 million for the quarter, compared to analyst estimates of $327.65 million. During the same period in the previous year, the business posted $0.90 earnings per share. The business’s revenue was up 24.5% compared to the same quarter last year. As a group, equities analysts expect that ALLETE, Inc. will post 3.72 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1st. Investors of record on Tuesday, February 15th were paid a dividend of $0.65 per share. This is an increase from ALLETE’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Monday, February 14th. This represents a $2.60 annualized dividend and a dividend yield of 4.10%. ALLETE’s dividend payout ratio is presently 80.50%.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in ALLETE during the fourth quarter worth approximately $50,645,000. Goldman Sachs Group Inc. increased its position in ALLETE by 21.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,210,693 shares of the utilities provider’s stock worth $80,329,000 after purchasing an additional 215,877 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its position in ALLETE by 625.8% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 228,694 shares of the utilities provider’s stock worth $15,174,000 after purchasing an additional 197,184 shares during the last quarter. Victory Capital Management Inc. increased its position in ALLETE by 9.6% during the fourth quarter. Victory Capital Management Inc. now owns 1,559,384 shares of the utilities provider’s stock worth $103,465,000 after purchasing an additional 136,361 shares during the last quarter. Finally, State Street Corp increased its position in ALLETE by 6.4% during the fourth quarter. State Street Corp now owns 1,954,958 shares of the utilities provider’s stock worth $129,711,000 after purchasing an additional 118,182 shares during the last quarter. 71.09% of the stock is currently owned by institutional investors and hedge funds.

ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities; Minnesota Power; SWL&P; and investment in ATC, which regulates utilities that owns and maintains electric transmission assets.

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