StockNews.com Begins Coverage on ALLETE (NYSE:ALE)

StockNews.com assumed coverage on shares of ALLETE (NYSE:ALEFree Report) in a report published on Thursday. The firm issued a hold rating on the utilities provider’s stock.

Several other research analysts also recently weighed in on the company. Mizuho upped their price target on ALLETE from $57.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, May 16th. Wells Fargo & Company upped their target price on shares of ALLETE from $57.00 to $59.00 and gave the stock an equal weight rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $60.40.

Read Our Latest Analysis on ALLETE

ALLETE Price Performance

Shares of ALLETE stock opened at $62.92 on Thursday. 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 52 week low of $49.29 and a 52 week high of $65.86. The stock’s 50-day simple moving average is $60.40 and its 200-day simple moving average is $59.22. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.13 and a beta of 0.75.

ALLETE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.705 per share. The ex-dividend date is Tuesday, May 14th. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.48%. ALLETE’s dividend payout ratio is currently 67.79%.

Institutional Investors Weigh In On ALLETE

Several large investors have recently bought and sold shares of the business. Boston Partners grew its stake in shares of ALLETE by 23.6% in the 4th quarter. Boston Partners now owns 19,120 shares of the utilities provider’s stock worth $1,169,000 after buying an additional 3,647 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in ALLETE in the fourth quarter worth about $801,000. Alps Advisors Inc. increased its stake in ALLETE by 41.4% during the third quarter. Alps Advisors Inc. now owns 8,976 shares of the utilities provider’s stock worth $474,000 after acquiring an additional 2,626 shares during the last quarter. Jupiter Asset Management Ltd. raised its position in ALLETE by 214.3% during the third quarter. Jupiter Asset Management Ltd. now owns 339,627 shares of the utilities provider’s stock valued at $17,932,000 after purchasing an additional 231,582 shares during the period. Finally, Gotham Asset Management LLC lifted its stake in shares of ALLETE by 102.9% in the 3rd quarter. Gotham Asset Management LLC now owns 42,446 shares of the utilities provider’s stock valued at $2,241,000 after purchasing an additional 21,528 shares during the last quarter. Institutional investors own 76.55% of the company’s stock.

ALLETE Company Profile

(Get Free Report)

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.

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Analyst Recommendations for ALLETE (NYSE:ALE)

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