ALLETE (NYSE:ALE) had its price objective reduced by equities researchers at Wells Fargo & Company from $76.00 to $74.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the utilities provider's stock. Wells Fargo & Company's target price would indicate a potential upside of 4.68% from the stock's current price.
A number of other brokerages also recently issued reports on ALE. Williams Capital reiterated a "buy" rating on shares of ALLETE in a report on Friday, April 23rd. Guggenheim downgraded ALLETE from a "buy" rating to a "neutral" rating and set a $66.00 price target on the stock. in a report on Wednesday, January 20th. Zacks Investment Research downgraded ALLETE from a "hold" rating to a "strong sell" rating in a report on Thursday, April 1st. Finally, Mizuho lifted their price target on ALLETE from $55.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, March 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. The stock presently has a consensus rating of "Hold" and an average target price of $67.60.
ALE opened at $70.69 on Tuesday. The stock's fifty day moving average is $69.25 and its two-hundred day moving average is $62.98. The company has a market capitalization of $3.69 billion, a P/E ratio of 20.73 and a beta of 0.43. ALLETE has a 52 week low of $48.22 and a 52 week high of $72.60. The company has a quick ratio of 0.30, a current ratio of 0.42 and a debt-to-equity ratio of 0.66.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Tuesday, February 16th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The company had revenue of $320.40 million for the quarter, compared to the consensus estimate of $304.54 million. ALLETE had a return on equity of 7.29% and a net margin of 15.33%. Equities analysts anticipate that ALLETE will post 3.32 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the company. Huntington National Bank increased its position in ALLETE by 1,346.2% in the first quarter. Huntington National Bank now owns 752 shares of the utilities provider's stock worth $51,000 after buying an additional 700 shares in the last quarter. Johnson Midwest Financial LLC bought a new stake in shares of ALLETE in the 4th quarter valued at approximately $53,000. CI Investments Inc. lifted its stake in shares of ALLETE by 83.9% during the 4th quarter. CI Investments Inc. now owns 945 shares of the utilities provider's stock worth $59,000 after acquiring an additional 431 shares during the last quarter. Inspire Advisors LLC purchased a new position in ALLETE during the 4th quarter worth $66,000. Finally, Samalin Investment Counsel LLC purchased a new position in ALLETE during the 4th quarter worth $74,000. 71.86% of the stock is owned by hedge funds and other institutional investors.
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.
Further Reading: Compound Annual Growth Rate (CAGR)
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