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

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

Separately, Mizuho upped their target price on ALLETE from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.40.

ALLETE Stock Up 0.3 %

Shares of NYSE:ALE opened at $62.91 on Monday. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.12 and a beta of 0.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.66 and a quick ratio of 0.96. The business’s 50-day moving average is $61.96 and its 200-day moving average is $60.25. ALLETE has a 1 year low of $49.29 and a 1 year high of $65.86.

ALLETE (NYSE:ALE) last issued its earnings results on Thursday, May 9th. The utilities provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates 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. Equities research analysts predict that ALLETE will post 3.75 earnings per share for the current year.

Hedge Funds Weigh In On ALLETE

Several institutional investors and hedge funds 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 about $25,000. Allworth Financial LP boosted its stake in shares of ALLETE by 131.2% during the 4th quarter. Allworth Financial LP now owns 467 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of ALLETE by 139.4% during 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 in the last quarter. Lazard Asset Management LLC lifted its position 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 valued at $71,000 after acquiring an additional 1,164 shares during the period. Finally, GAMMA Investing LLC purchased a new position in ALLETE during the 4th quarter valued at about $77,000. 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.