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

Key Points

• Allete's stock has a **"hold (C+)" rating** reiterated by Weiss Ratings, reflecting cautious sentiment among analysts.
• In its recent quarterly earnings report, Allete missed EPS estimates, reporting **$0.61**, below the expected **$0.85**, with revenue at **$360.30 million**, falling short of the anticipated **$425.30 million**.
• Institutional investors currently own **76.55%** of Allete's stock, with notable increases in positions from firms like **CX Institutional** and **IFP Advisors Inc**.

Allete (NYSE:ALE - Get Free Report)'s stock had its "hold (c+)" rating reiterated by analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Allete Price Performance

Shares of NYSE:ALE traded up $0.04 on Friday, hitting $67.38. The company had a trading volume of 163,352 shares, compared to its average volume of 486,018. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. Allete has a 52-week low of $62.38 and a 52-week high of $67.49. The business has a 50 day moving average of $65.26 and a 200 day moving average of $65.21. The company has a market cap of $3.91 billion, a PE ratio of 21.25 and a beta of 0.83.

Allete (NYSE:ALE - Get Free Report) last issued 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 net margin of 11.98% and a return on equity of 5.71%. The company had revenue of $360.30 million during the quarter, compared to analysts' expectations of $425.30 million. During the same quarter in the prior year, the company earned $0.82 earnings per share. The firm's revenue was up 1.6% compared to the same quarter last year.

Hedge Funds Weigh In On Allete

Large investors have recently added to or reduced their stakes in the business. CX Institutional lifted its position in Allete by 67.3% during the third quarter. CX Institutional now owns 445 shares of the utilities provider's stock worth $30,000 after buying an additional 179 shares during the period. Costello Asset Management INC purchased a new position in Allete during the first quarter worth about $35,000. Hexagon Capital Partners LLC lifted its position in Allete by 44.5% during the first quarter. Hexagon Capital Partners LLC now owns 591 shares of the utilities provider's stock worth $39,000 after buying an additional 182 shares during the period. IFP Advisors Inc lifted its position in Allete by 3,456.3% during the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider's stock worth $40,000 after buying an additional 553 shares during the period. Finally, Bayforest Capital Ltd purchased a new position in Allete during the second quarter worth about $45,000. 76.55% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.