ALLETE (NYSE:ALE) Stock Rating Upgraded by Zacks Investment Research

ALLETE (NYSE:ALEGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

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. “

Several other research firms have also issued reports on ALE. Mizuho dropped their price objective on ALLETE from $66.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 2nd. TheStreet raised ALLETE from a “c+” rating to a “b” rating in a research report on Thursday, January 6th. Finally, StockNews.com assumed coverage on ALLETE in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $69.33.

ALE stock traded down $1.19 during trading hours on Friday, reaching $63.31. 6,787 shares of the stock were exchanged, compared to its average volume of 331,275. The firm’s 50-day moving average is $64.04 and its 200-day moving average is $63.59. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 19.60 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. ALLETE has a 12 month low of $56.84 and a 12 month high of $73.10.

ALLETE (NYSE:ALEGet Rating) last announced its quarterly earnings data on Wednesday, February 16th. The utilities provider reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.08. ALLETE had a return on equity of 5.89% and a net margin of 11.92%. The company had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $327.65 million. During the same quarter last year, the company earned $0.90 EPS. ALLETE’s revenue for the quarter was up 24.5% compared to the same quarter last year. As a group, equities research analysts forecast that ALLETE will post 3.72 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its position in ALLETE by 7.3% during the 4th quarter. New York State Teachers Retirement System now owns 91,630 shares of the utilities provider’s stock worth $6,080,000 after purchasing an additional 6,219 shares during the last quarter. Citigroup Inc. grew its holdings in ALLETE by 286.1% during the 3rd quarter. Citigroup Inc. now owns 119,842 shares of the utilities provider’s stock worth $7,133,000 after acquiring an additional 88,801 shares during the period. Ancora Advisors LLC grew its holdings in ALLETE by 19.8% during the 3rd quarter. Ancora Advisors LLC now owns 26,450 shares of the utilities provider’s stock worth $1,574,000 after acquiring an additional 4,370 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in ALLETE during the 4th quarter worth about $50,645,000. Finally, Raymond James & Associates grew its holdings in ALLETE by 1.4% during the 3rd quarter. Raymond James & Associates now owns 146,158 shares of the utilities provider’s stock worth $8,699,000 after acquiring an additional 1,949 shares during the period. 71.09% of the stock is owned by institutional investors and hedge funds.

About ALLETE (Get Rating)

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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

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