Allete, Inc. (NYSE:ALE) had its target price upped by Ladenburg Thalmann Financial Services from $71.00 to $77.00 in a research report released on Friday, June 9th. Ladenburg Thalmann Financial Services currently has a buy rating on the utilities provider’s stock.
Several other brokerages have also recently commented on ALE. Zacks Investment Research upgraded shares of Allete from a sell rating to a hold rating in a research note on Tuesday, April 25th. Williams Capital boosted their price target on shares of Allete from $70.00 to $75.00 and gave the stock a buy rating in a research note on Friday, April 21st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $72.88.
Allete (ALE) traded up 0.39% during trading on Friday, reaching $70.29. The company’s stock had a trading volume of 195,684 shares. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 22.08 and a beta of 0.48. Allete has a 12 month low of $56.48 and a 12 month high of $74.59. The stock’s 50 day moving average is $72.25 and its 200 day moving average is $67.84.
Allete (NYSE:ALE) last released its earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The company had revenue of $365.60 million for the quarter, compared to analysts’ expectations of $338 million. Allete had a net margin of 11.55% and a return on equity of 8.78%. Allete’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 EPS. On average, equities analysts expect that Allete will post $3.46 EPS for the current fiscal year.
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In other news, insider Steven Q. Devinck sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total value of $139,340.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.42% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Glen Harbor Capital Management LLC increased its position in shares of Allete by 13.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,504 shares of the utilities provider’s stock valued at $102,000 after buying an additional 176 shares during the last quarter. Pacad Investment Ltd. purchased a new position in shares of Allete during the fourth quarter valued at approximately $116,000. Tyers Asset Management LLC purchased a new position in shares of Allete during the fourth quarter valued at approximately $117,000. Flinton Capital Management LLC purchased a new position in shares of Allete during the fourth quarter valued at approximately $149,000. Finally, Fortaleza Asset Management Inc. increased its position in shares of Allete by 49.5% in the fourth quarter. Fortaleza Asset Management Inc. now owns 3,020 shares of the utilities provider’s stock valued at $194,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 72.32% of the company’s stock.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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