ALLETE (NYSE:ALE) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of ALLETE (NYSE:ALE) in a note issued to investors on Saturday. The brokerage set a “hold” rating on the utilities provider’s stock.

ALLETE Stock Up 0.2 %

Shares of ALE stock opened at $64.36 on Friday. The stock’s 50-day simple moving average is $63.89 and its 200-day simple moving average is $62.22. 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 firm has a market capitalization of $3.72 billion, a PE ratio of 15.47 and a beta of 0.80. ALLETE has a fifty-two week low of $49.29 and a fifty-two week high of $65.86.

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

Institutional Trading of ALLETE

Several institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ALLETE in the second quarter valued at approximately $74,000. Water Island Capital LLC purchased a new position in ALLETE during the second quarter worth approximately $11,583,000. Creative Planning lifted its position in ALLETE by 204.1% during the second quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 14,076 shares in the last quarter. Algert Global LLC lifted its position in ALLETE by 16.5% during the second quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock worth $2,556,000 after buying an additional 5,808 shares in the last quarter. Finally, Millennium Management LLC raised its position in ALLETE by 955.1% in the second quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock valued at $55,967,000 after purchasing an additional 812,548 shares during the period. 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.