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

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

ALLETE Stock Performance

Shares of ALLETE stock opened at $63.85 on Friday. The firm has a market cap of $3.69 billion, a P/E ratio of 15.35 and a beta of 0.80. The company has a current ratio of 1.45, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51. ALLETE has a 12 month low of $49.29 and a 12 month high of $65.86. The stock’s fifty day moving average price is $63.84 and its 200-day moving average price is $62.03.

ALLETE (NYSE:ALE) last announced its quarterly 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 firm had revenue of $354.50 million for the quarter, compared to analysts’ expectations of $547.24 million. ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The business’s quarterly revenue was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS.

Institutional Investors Weigh In On ALLETE

A number of institutional investors have recently added to or reduced their stakes in ALE. Point72 Asia Singapore Pte. Ltd. purchased a new stake in ALLETE during the second quarter valued at approximately $74,000. Water Island Capital LLC purchased a new stake in shares of ALLETE during the 2nd quarter valued at $11,583,000. Creative Planning lifted its holdings in shares of ALLETE by 204.1% during the 2nd quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock valued at $1,308,000 after purchasing an additional 14,076 shares during the last quarter. Algert Global LLC boosted its position in shares of ALLETE by 16.5% in the 2nd quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock worth $2,556,000 after purchasing an additional 5,808 shares in the last quarter. Finally, Millennium Management LLC grew its stake in ALLETE by 955.1% during the 2nd quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock worth $55,967,000 after buying an additional 812,548 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Company Profile

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.