ALLETE (NYSE:ALE) Now Covered by StockNews.com

Equities researchers at StockNews.com initiated coverage on shares of ALLETE (NYSE:ALEGet Free Report) in a research note issued to investors on Wednesday. The firm set a “hold” rating on the utilities provider’s stock.

Separately, Mizuho increased their price objective on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, ALLETE currently has an average rating of “Hold” and a consensus price target of $62.00.

View Our Latest Research Report on ALE

ALLETE Price Performance

NYSE:ALE opened at $62.66 on Wednesday. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 15.06 and a beta of 0.80. The company has a current ratio of 1.66, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average is $62.75 and its two-hundred day moving average is $60.36. ALLETE has a 12-month low of $49.29 and a 12-month high of $65.86.

ALLETE (NYSE:ALEGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.12). The company had revenue of $403.30 million for the quarter, compared to analysts’ expectations of $581.26 million. ALLETE had a return on equity of 7.21% and a net margin of 13.94%. Research analysts expect that ALLETE will post 3.75 EPS for the current year.

Institutional Investors Weigh In On ALLETE

Hedge funds and other institutional investors have recently modified their holdings of the stock. Congress Asset Management Co. MA grew its holdings in ALLETE by 1.3% during the first quarter. Congress Asset Management Co. MA now owns 18,431 shares of the utilities provider’s stock worth $1,099,000 after acquiring an additional 233 shares during the period. Independent Advisor Alliance grew its holdings in ALLETE by 6.3% during the fourth quarter. Independent Advisor Alliance now owns 4,213 shares of the utilities provider’s stock worth $258,000 after acquiring an additional 249 shares during the period. Allworth Financial LP grew its holdings in ALLETE by 131.2% during the fourth quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 265 shares during the period. New York State Common Retirement Fund increased its stake in ALLETE by 1.3% in the 4th quarter. New York State Common Retirement Fund now owns 23,604 shares of the utilities provider’s stock worth $1,444,000 after purchasing an additional 295 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in ALLETE by 2.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the utilities provider’s stock worth $984,000 after purchasing an additional 400 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

About ALLETE

(Get Free Report)

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. In addition, 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 150,000 retail customers and 14 non-affiliated municipal customers.

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