ALLETE (NYSE:ALE) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of ALLETE (NYSE:ALEGet Rating) from a sell rating to a hold rating in a research report report published on Thursday morning.

Separately, Bank of America started coverage on ALLETE in a research note on Wednesday, May 25th. They set a neutral rating and a $63.00 price objective for the company.

ALLETE Stock Down 1.3 %

Shares of NYSE ALE opened at $58.38 on Thursday. The stock has a market cap of $3.33 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.94 and a beta of 0.61. The company has a quick ratio of 0.43, a current ratio of 0.93 and a debt-to-equity ratio of 0.48. ALLETE has a 52-week low of $56.55 and a 52-week high of $68.61. The business has a 50-day moving average price of $60.46 and a 200 day moving average price of $61.53.

ALLETE (NYSE:ALEGet Rating) last announced its earnings results on Wednesday, August 3rd. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. ALLETE had a return on equity of 6.29% and a net margin of 12.89%. During the same period in the previous year, the firm posted $0.53 earnings per share. Equities research analysts forecast that ALLETE will post 3.74 earnings per share for the current year.

ALLETE Dividend Announcement

The business 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 $0.65 per share. This represents a $2.60 annualized dividend and a yield of 4.45%. The ex-dividend date was Friday, August 12th. ALLETE’s dividend payout ratio is presently 71.82%.

Hedge Funds Weigh In On ALLETE

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of ALLETE by 421.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock worth $26,000 after buying an additional 308 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new position in shares of ALLETE during the 1st quarter worth approximately $30,000. SeaCrest Wealth Management LLC purchased a new position in shares of ALLETE during the 2nd quarter worth approximately $29,000. Pinebridge Investments L.P. purchased a new position in shares of ALLETE during the 4th quarter worth approximately $53,000. Finally, Venture Visionary Partners LLC purchased a new position in shares of ALLETE during the 2nd quarter worth approximately $51,000. 77.64% of the stock is owned by hedge funds and other institutional investors.

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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