Mizuho Trims ALLETE (NYSE:ALE) Target Price to $64.00

ALLETE (NYSE:ALEGet Rating) had its target price cut by Mizuho from $66.00 to $64.00 in a research report released on Tuesday morning, The Fly reports. They currently have a neutral rating on the utilities provider’s stock.

A number of other equities analysts have also commented on ALE. StockNews.com raised ALLETE from a sell rating to a hold rating in a research note on Tuesday, November 22nd. Bank of America upgraded ALLETE from a neutral rating to a buy rating and boosted their price objective for the company from $53.00 to $66.00 in a report on Monday, November 14th. TheStreet upgraded ALLETE from a c+ rating to a b- rating in a report on Friday, December 2nd. Guggenheim downgraded ALLETE from a neutral rating to a sell rating and upped their price target for the stock from $53.00 to $54.00 in a report on Monday. Finally, Wells Fargo & Company boosted their price objective on ALLETE from $60.00 to $67.00 and gave the stock an equal weight rating in a research report on Wednesday, December 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, ALLETE presently has an average rating of Hold and an average target price of $63.20.

ALLETE Stock Performance

Shares of ALE stock opened at $62.29 on Tuesday. The stock has a 50-day moving average of $65.01 and a 200-day moving average of $60.15. ALLETE has a one year low of $47.77 and a one year high of $68.46. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.02 and a quick ratio of 0.35. The stock has a market cap of $3.56 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74.

ALLETE (NYSE:ALEGet Rating) last released its quarterly earnings data on Wednesday, November 9th. The utilities provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.11). The company had revenue of $388.30 million during the quarter, compared to analyst estimates of $361.20 million. ALLETE had a net margin of 12.92% and a return on equity of 6.23%. As a group, sell-side analysts expect that ALLETE will post 3.75 earnings per share for the current year.

ALLETE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Monday, November 14th. ALLETE’s dividend payout ratio (DPR) is currently 70.65%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC increased its position in ALLETE by 41.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider’s stock valued at $28,000 after buying an additional 166 shares in the last quarter. Probity Advisors Inc. boosted its stake in shares of ALLETE by 3.3% in the 2nd quarter. Probity Advisors Inc. now owns 6,253 shares of the utilities provider’s stock worth $368,000 after buying an additional 197 shares during the last quarter. CWM LLC boosted its stake in shares of ALLETE by 23.1% in the 2nd quarter. CWM LLC now owns 1,081 shares of the utilities provider’s stock worth $64,000 after buying an additional 203 shares during the last quarter. Eaton Vance Management boosted its stake in shares of ALLETE by 0.8% in the 3rd quarter. Eaton Vance Management now owns 26,482 shares of the utilities provider’s stock worth $1,325,000 after buying an additional 207 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in ALLETE by 2.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,514 shares of the utilities provider’s stock valued at $559,000 after purchasing an additional 216 shares in the last quarter. Hedge funds and other institutional investors own 77.52% of the company’s stock.

ALLETE Company Profile

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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 own and maintain electric transmission assets.

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