ALLETE (NYSE:ALE) Research Coverage Started at StockNews.com

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

Other equities analysts have also issued reports about the company. Wells Fargo & Company upped their target price on ALLETE from $57.00 to $59.00 and gave the stock an equal weight rating in a research report on Wednesday, February 21st. Mizuho raised their price objective on shares of ALLETE from $57.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $60.40.

Check Out Our Latest Analysis on ALLETE

ALLETE Stock Performance

Shares of ALLETE stock opened at $62.92 on Thursday. The business has a 50-day simple moving average of $60.40 and a 200 day simple moving average of $59.22. ALLETE has a one year low of $49.29 and a one year high of $65.86. 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 firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.13 and a beta of 0.75.

ALLETE Dividend Announcement

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 paid a $0.705 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.82 annualized dividend and a dividend yield of 4.48%. ALLETE’s payout ratio is 67.79%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ALE. Fifth Third Bancorp lifted its position in shares of ALLETE by 85.6% during the 3rd quarter. Fifth Third Bancorp now owns 566 shares of the utilities provider’s stock worth $30,000 after buying an additional 261 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of ALLETE by 9.3% during the third quarter. Principal Financial Group Inc. now owns 261,987 shares of the utilities provider’s stock valued at $13,833,000 after acquiring an additional 22,209 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in ALLETE by 228.6% during the third quarter. Assenagon Asset Management S.A. now owns 237,857 shares of the utilities provider’s stock worth $12,559,000 after acquiring an additional 165,462 shares during the period. Versor Investments LP purchased a new position in ALLETE in the third quarter worth $1,334,000. Finally, Arizona State Retirement System grew its stake in ALLETE by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 16,319 shares of the utilities provider’s stock valued at $862,000 after purchasing an additional 221 shares during the period. 76.55% of the stock is owned by institutional investors.

About ALLETE

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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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