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

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

Separately, Sidoti raised ALLETE from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ALLETE currently has an average rating of “Hold” and an average target price of $62.00.

ALLETE Stock Down 0.3 %

ALLETE stock opened at $64.54 on Friday. The stock has a market capitalization of $3.73 billion, a PE ratio of 20.69 and a beta of 0.80. ALLETE has a 12 month low of $54.71 and a 12 month high of $65.86. The business has a 50 day simple moving average of $64.22 and a 200-day simple moving average of $63.52. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.21). The firm had revenue of $407.20 million for the quarter. ALLETE had a return on equity of 5.99% and a net margin of 11.49%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $1.49 EPS.

Institutional Investors Weigh In On ALLETE

Several institutional investors and hedge funds have recently modified their holdings of ALE. QRG Capital Management Inc. purchased a new stake in shares of ALLETE in the 1st quarter valued at $439,000. Kingsview Wealth Management LLC purchased a new position in shares of ALLETE in the 1st quarter valued at about $410,000. Vanguard Group Inc. increased its holdings in shares of ALLETE by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 6,615,496 shares of the utilities provider’s stock valued at $394,548,000 after acquiring an additional 35,992 shares during the last quarter. TIAA Trust National Association boosted its position in shares of ALLETE by 69.0% in the 1st quarter. TIAA Trust National Association now owns 6,231 shares of the utilities provider’s stock valued at $372,000 after purchasing an additional 2,544 shares during the period. Finally, Covestor Ltd boosted its position in shares of ALLETE by 1,118.1% in the 1st quarter. Covestor Ltd now owns 2,156 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 1,979 shares during the period. Hedge funds and other institutional investors own 76.55% of the company’s stock.

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.