Allete's (ALE) "Hold (C+)" Rating Reaffirmed at Weiss Ratings

Key Points

• Allete's stock has received a "hold (C+)" rating from Weiss Ratings, indicating a cautious outlook on its performance.
• The company reported earnings per share (EPS) of $0.61 for the last quarter, which was below the analyst consensus estimate of $0.85.
• Significant institutional investment activity was noted, with hedge funds collectively owning 76.55% of Allete's stock, reflecting increased interest among institutional investors.

Allete (NYSE:ALE - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Allete Price Performance

ALE stock traded up $0.05 during trading on Wednesday, hitting $67.34. The stock had a trading volume of 92,389 shares, compared to its average volume of 486,683. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.81. Allete has a twelve month low of $62.38 and a twelve month high of $67.44. The stock has a market capitalization of $3.91 billion, a P/E ratio of 21.24 and a beta of 0.83. The company's 50-day moving average price is $64.89 and its two-hundred day moving average price is $65.05.

Allete (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.24). Allete had a return on equity of 5.71% and a net margin of 11.98%.The firm had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. During the same quarter in the previous year, the firm posted $0.82 earnings per share. The company's quarterly revenue was up 1.6% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Caxton Associates LLP purchased a new stake in shares of Allete during the 2nd quarter valued at approximately $43,127,000. Nuveen LLC purchased a new stake in shares of Allete during the 1st quarter valued at approximately $29,913,000. AQR Arbitrage LLC raised its position in shares of Allete by 29.1% during the 2nd quarter. AQR Arbitrage LLC now owns 1,527,923 shares of the utilities provider's stock valued at $97,695,000 after buying an additional 344,241 shares during the period. Qube Research & Technologies Ltd raised its position in shares of Allete by 43.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 924,076 shares of the utilities provider's stock valued at $59,206,000 after buying an additional 278,716 shares during the period. Finally, Alberta Investment Management Corp raised its position in shares of Allete by 784.6% during the 1st quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider's stock valued at $18,541,000 after buying an additional 250,302 shares during the period. 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.

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