ALLETE (NYSE:ALE) Now Covered by StockNews.com

Analysts at StockNews.com initiated coverage on shares of ALLETE (NYSE:ALE) in a research note issued on Thursday. The firm set a “hold” rating on the utilities provider’s stock.

Separately, Mizuho boosted their price objective on ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, ALLETE presently has a consensus rating of “Hold” and a consensus target price of $62.00.

ALLETE Stock Performance

Shares of ALLETE stock opened at $64.06 on Thursday. ALLETE has a one year low of $49.29 and a one year high of $65.86. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 15.40 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45. The business’s 50 day moving average price is $63.77 and its 200 day moving average price is $61.75.

ALLETE (NYSE:ALE) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The business had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. During the same quarter in the prior year, the firm earned $0.90 EPS. ALLETE’s revenue for the quarter was down 33.6% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Securities Inc. purchased a new stake in shares of ALLETE in the 4th quarter valued at about $25,000. Parallel Advisors LLC lifted its holdings in shares of ALLETE by 139.4% in the 4th quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 407 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of ALLETE by 4,157.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock valued at $71,000 after purchasing an additional 1,164 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of ALLETE in the 2nd quarter valued at about $74,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of ALLETE in the 2nd quarter valued at about $75,000. 76.55% of the stock is owned by institutional investors and hedge funds.

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. 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.