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

Equities research analysts at StockNews.com initiated coverage on shares of ALLETE (NYSE:ALE - Get Free Report) in a research report issued on Wednesday. The firm set a "hold" rating on the utilities provider's stock.

Separately, Sidoti upgraded shares of 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $62.00.

ALLETE Stock Performance

Shares of ALLETE stock remained flat at $64.10 during trading hours on Wednesday. 155,775 shares of the stock were exchanged, compared to its average volume of 358,954. The firm has a market cap of $3.70 billion, a PE ratio of 15.41 and a beta of 0.80. The business's fifty day moving average is $63.93 and its 200 day moving average is $63.12. 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 one year low of $52.89 and a one year high of $65.86.

ALLETE (NYSE:ALE - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.30). ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The company had revenue of $354.50 million for the quarter, compared to the consensus estimate of $547.24 million. During the same quarter in the prior year, the company earned $0.90 EPS. The company's revenue for the quarter was down 33.6% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ALE. Allspring Global Investments Holdings LLC increased its position in ALLETE by 157.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,993 shares of the utilities provider's stock worth $536,000 after acquiring an additional 5,502 shares during the period. State of Michigan Retirement System boosted its stake in shares of ALLETE by 2.9% in the first quarter. State of Michigan Retirement System now owns 14,146 shares of the utilities provider's stock valued at $844,000 after buying an additional 400 shares during the period. Commonwealth Equity Services LLC grew its position in ALLETE by 18.5% during the first quarter. Commonwealth Equity Services LLC now owns 13,031 shares of the utilities provider's stock worth $777,000 after buying an additional 2,035 shares in the last quarter. BNP Paribas Financial Markets increased its stake in ALLETE by 18.4% during the 1st quarter. BNP Paribas Financial Markets now owns 32,734 shares of the utilities provider's stock worth $1,952,000 after acquiring an additional 5,098 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new position in ALLETE in the 1st quarter valued at $854,000. 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.