Brokerages Set ALLETE Inc (ALE) Price Target at $72.75

ALLETE Inc (NYSE:ALE) has been given an average rating of “Hold” by the eight research firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $72.75.

A number of research analysts have commented on ALE shares. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Guggenheim reaffirmed a “hold” rating and issued a $71.00 price objective on shares of ALLETE in a research report on Monday, July 23rd. Wells Fargo & Co lifted their price objective on shares of ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th. Finally, Williams Capital downgraded shares of ALLETE from a “buy” rating to a “hold” rating and cut their price objective for the stock from $76.00 to $73.00 in a research report on Monday, June 11th.

NYSE ALE traded down $0.83 during trading on Wednesday, reaching $73.52. 150,600 shares of the company’s stock traded hands, compared to its average volume of 315,984. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 3.76 and a beta of 0.18. ALLETE has a 12-month low of $66.64 and a 12-month high of $81.24.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.11). The business had revenue of $344.10 million for the quarter, compared to analysts’ expectations of $343.00 million. ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the business posted $0.72 EPS. equities analysts expect that ALLETE will post 3.34 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Wednesday, August 15th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Tuesday, August 14th. ALLETE’s payout ratio is currently 70.22%.

In other news, Director James J. Hoolihan sold 800 shares of ALLETE stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $77.62, for a total value of $62,096.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Alan R. Hodnik sold 4,000 shares of ALLETE stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $75.70, for a total transaction of $302,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,600 shares of company stock worth $426,088. Insiders own 0.41% of the company’s stock.

Several institutional investors have recently modified their holdings of ALE. Bank of Montreal Can grew its position in ALLETE by 56.1% during the 2nd quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock worth $355,000 after purchasing an additional 1,653 shares during the last quarter. Mesirow Financial Investment Management Equity Management grew its position in ALLETE by 1.8% during the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 292,912 shares of the utilities provider’s stock worth $22,674,000 after purchasing an additional 5,180 shares during the last quarter. Arizona State Retirement System grew its position in ALLETE by 3.5% during the 2nd quarter. Arizona State Retirement System now owns 35,596 shares of the utilities provider’s stock worth $2,755,000 after purchasing an additional 1,196 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in ALLETE by 8.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 389,164 shares of the utilities provider’s stock worth $30,126,000 after purchasing an additional 29,731 shares during the last quarter. Finally, Monarch Partners Asset Management LLC grew its position in ALLETE by 19.2% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 87,750 shares of the utilities provider’s stock worth $6,793,000 after purchasing an additional 14,130 shares during the last quarter. 73.24% of the stock is currently owned by hedge funds and other institutional investors.

About ALLETE

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 16 non-affiliated municipal customers.

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