Analysts Set ALLETE, Inc. (NYSE:ALE) Target Price at $58.00

ALLETE, Inc. (NYSE:ALEGet Rating) has received a consensus rating of “Hold” from the seven research firms that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $58.00.

ALE has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of ALLETE from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 19th. Bank of America raised shares of ALLETE from a “neutral” rating to a “buy” rating and upped their price target for the company from $53.00 to $66.00 in a research report on Monday, November 14th. TheStreet lowered shares of ALLETE from a “b-” rating to a “c+” rating in a research report on Wednesday, October 26th. Guggenheim cut their price objective on ALLETE from $66.00 to $53.00 in a research note on Monday, October 24th. Finally, JPMorgan Chase & Co. upgraded ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price objective for the company in a research note on Thursday.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its stake in ALLETE by 421.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 308 shares during the period. SeaCrest Wealth Management LLC bought a new position in ALLETE in the 2nd quarter worth approximately $29,000. Quadrant Capital Group LLC boosted its stake in ALLETE by 41.8% in the 3rd quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 166 shares during the period. Venture Visionary Partners LLC bought a new position in ALLETE in the 2nd quarter worth approximately $51,000. Finally, BerganKDV Wealth Management LLC boosted its stake in ALLETE by 73.8% in the 3rd quarter. BerganKDV Wealth Management LLC now owns 944 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 401 shares during the period. 77.64% of the stock is currently owned by institutional investors.

ALLETE Price Performance

NYSE ALE opened at $65.00 on Thursday. ALLETE has a 52 week low of $47.77 and a 52 week high of $68.61. The firm has a market capitalization of $3.72 billion, a P/E ratio of 17.66, a PEG ratio of 1.85 and a beta of 0.71. The company has a quick ratio of 0.35, a current ratio of 1.02 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $55.13 and a 200-day moving average price of $58.48.

ALLETE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be paid a dividend of $0.65 per share. The ex-dividend date is Monday, November 14th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.00%. ALLETE’s dividend payout ratio (DPR) is presently 70.65%.

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.

Recommended Stories

Receive News & Ratings for ALLETE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ALLETE and related companies with MarketBeat.com's FREE daily email newsletter.