ALLETE (NYSE:ALE) Receives New Coverage from Analysts at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of ALLETE (NYSE:ALE) in a research report issued to clients and investors on Tuesday. The firm set a “hold” rating on the utilities provider’s stock.

Separately, Mizuho raised their target price on shares of ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $62.00.

ALLETE Price Performance

ALE stock opened at $61.93 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.66 and a debt-to-equity ratio of 0.52. ALLETE has a 12 month low of $49.29 and a 12 month high of $65.86. The firm has a market cap of $3.57 billion, a P/E ratio of 14.89 and a beta of 0.80. The company’s 50-day moving average price is $62.51 and its two-hundred day moving average price is $60.33.

ALLETE (NYSE:ALE) last released its earnings results on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.12). ALLETE had a net margin of 13.94% and a return on equity of 7.21%. The firm had revenue of $403.30 million during the quarter, compared to the consensus estimate of $581.26 million. On average, analysts anticipate that ALLETE will post 3.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ALLETE

Several hedge funds and other institutional investors have recently made changes to their positions in ALE. Principal Securities Inc. bought a new stake in shares of ALLETE during the 4th quarter valued at approximately $25,000. Allworth Financial LP grew its holdings in ALLETE by 131.2% during the 4th quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 265 shares during the last quarter. Parallel Advisors LLC grew its holdings in ALLETE by 139.4% during the 4th quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 407 shares during the last quarter. Lazard Asset Management LLC grew its holdings in ALLETE by 4,157.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock worth $71,000 after acquiring an additional 1,164 shares during the last quarter. Finally, GAMMA Investing LLC bought a new stake in ALLETE during the 4th quarter worth approximately $77,000. 76.55% of the stock is owned by 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. 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.