ALLETE (NYSE:ALE) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of ALLETE (NYSE:ALEGet Rating) from a sell rating to a hold rating in a report released on Monday morning, Zacks.com reports.

According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “

A number of other analysts have also issued reports on ALE. StockNews.com assumed coverage on ALLETE in a research note on Thursday, March 31st. They issued a hold rating on the stock. Mizuho decreased their price target on ALLETE from $66.00 to $60.00 and set a neutral rating on the stock in a research note on Wednesday, March 2nd. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, ALLETE currently has an average rating of Hold and an average price target of $65.67.

ALE opened at $61.46 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.86 and a debt-to-equity ratio of 0.53. The firm has a market cap of $3.28 billion, a P/E ratio of 17.66 and a beta of 0.62. ALLETE has a 52 week low of $56.84 and a 52 week high of $73.10. The business’s fifty day simple moving average is $62.86 and its 200 day simple moving average is $63.41.

ALLETE (NYSE:ALEGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The utilities provider reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.05). ALLETE had a return on equity of 6.23% and a net margin of 12.55%. The business had revenue of $383.50 million during the quarter, compared to analyst estimates of $353.25 million. During the same period in the previous year, the business posted $0.99 earnings per share. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, equities analysts expect that ALLETE will post 3.72 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Stockholders of record on Monday, May 16th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Friday, May 13th. ALLETE’s dividend payout ratio is currently 74.71%.

Large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in shares of ALLETE by 421.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider’s stock valued at $26,000 after buying an additional 308 shares during the period. Creative Financial Designs Inc. ADV purchased a new stake in shares of ALLETE during the 1st quarter valued at about $30,000. Amplius Wealth Advisors LLC purchased a new stake in shares of ALLETE during the 4th quarter valued at about $33,000. Widmann Financial Services Inc. purchased a new stake in shares of ALLETE during the 4th quarter valued at about $35,000. Finally, FSB Premier Wealth Management Inc. purchased a new stake in shares of ALLETE during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 70.30% of the company’s stock.

ALLETE Company Profile (Get Rating)

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. 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 145,000 retail customers and 15 non-affiliated municipal customers.

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