Zacks Investment Research cut shares of Allete (NYSE:ALE) from a hold rating to a sell rating in a research note issued to investors on Friday, November 17th.
According to Zacks, “ALLETE is an energy company. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co. “
Other equities research analysts also recently issued research reports about the company. BidaskClub upgraded Allete from a buy rating to a strong-buy rating in a report on Tuesday, August 22nd. ValuEngine downgraded Allete from a buy rating to a hold rating in a report on Monday, October 2nd. J P Morgan Chase & Co increased their price objective on Allete from $73.00 to $76.00 and gave the company an underweight rating in a report on Wednesday, November 15th. Williams Capital restated a hold rating and set a $79.00 price target on shares of Allete in a research note on Thursday, October 12th. Finally, Ladenburg Thalmann Financial Services downgraded Allete from a buy rating to a neutral rating and set a $78.00 price target on the stock. in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. Allete currently has a consensus rating of Hold and an average price target of $80.25.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th were issued a $0.535 dividend. The ex-dividend date was Tuesday, November 14th. This represents a $2.14 annualized dividend and a dividend yield of 2.67%. Allete’s dividend payout ratio is currently 61.85%.
Hedge funds have recently modified their holdings of the stock. Rocky Mountain Advisers LLC purchased a new position in Allete during the third quarter worth $108,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Allete by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,802 shares of the utilities provider’s stock worth $129,000 after buying an additional 141 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Allete by 2.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,872 shares of the utilities provider’s stock worth $134,000 after buying an additional 49 shares in the last quarter. LS Investment Advisors LLC increased its position in Allete by 5.6% during the second quarter. LS Investment Advisors LLC now owns 1,890 shares of the utilities provider’s stock worth $135,000 after buying an additional 100 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Allete by 925.0% during the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after buying an additional 1,591 shares in the last quarter. 73.14% of the stock is owned by hedge funds and other institutional investors.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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