Skip to main content

Wells Fargo & Company Trims ALLETE (NYSE:ALE) Target Price to $74.00

Tuesday, May 4, 2021 | MarketBeat

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.

About ALLETE

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)

Analyst Recommendations for ALLETE (NYSE:ALE)

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 [email protected]

Featured Article: Investing in Blue-Chip Stocks


7 Cyclical Stocks That Can Help You Play Defense

A cyclical stock is one that produces returns that are influenced by macroeconomic or systematic changes in the broader economy. In strong economic times, these stocks show generally strong growth because they are influenced by discretionary consumer spending. Of course, that means the opposite is true as well. When the economy is weak, these stocks may pull back further than other stocks.

Cyclical stocks cover many sectors, but travel and entertainment stocks come to mind. Airlines, hotels, and restaurants are all examples of cyclical sectors that do well during times of economic growth but are among the first to pull back in recessionary times.

Why do cyclical stocks deserve a place in an investor’s portfolio? Believe it or not, it’s for the relative predictability that they provide. Investors may enjoy speculating in growth stocks, but these are prone to bubbles. This isn’t to say that cyclical stocks are not volatile, but they offer price movement that is a bit more predictable.

In this special presentation, we’re looking at cyclical stocks that are looking strong as we come out of the pandemic. And some of these stocks held up well during the pandemic which means they’re starting from a stronger base.

View the "7 Cyclical Stocks That Can Help You Play Defense ".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.