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

StockNews.com started coverage on shares of ALLETE (NYSE:ALE) in a research note issued on Thursday. The firm set a “hold” rating on the utilities provider’s stock.

Separately, Sidoti raised ALLETE from a “hold” rating to a “strong-buy” rating in a report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ALLETE has a consensus rating of “Hold” and a consensus target price of $62.00.

ALLETE Trading Up 0.2 %

Shares of ALE opened at $65.04 on Thursday. ALLETE has a fifty-two week low of $55.86 and a fifty-two week high of $65.86. The business has a 50-day moving average of $64.63 and a 200 day moving average of $64.02. The firm has a market cap of $3.76 billion, a P/E ratio of 20.85 and a beta of 0.81. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45.

ALLETE (NYSE:ALE) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.21). The company had revenue of $407.20 million for the quarter. ALLETE had a return on equity of 5.99% and a net margin of 11.49%. ALLETE’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.49 EPS.

Institutional Investors Weigh In On ALLETE

Institutional investors and hedge funds have recently bought and sold shares of the stock. Longfellow Investment Management Co. LLC purchased a new position in ALLETE in the 3rd quarter worth approximately $38,000. UMB Bank n.a. lifted its holdings in shares of ALLETE by 261.0% during the 3rd quarter. UMB Bank n.a. now owns 1,083 shares of the utilities provider’s stock worth $70,000 after acquiring an additional 783 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ALLETE during the 2nd quarter worth $74,000. Meeder Asset Management Inc. purchased a new position in ALLETE in the second quarter worth $170,000. Finally, Royce & Associates LP bought a new position in ALLETE in the third quarter valued at $202,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Company Profile

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.