Allete (NYSE:ALE) Reaches New 52-Week High – Here’s Why

by · The Cerbat Gem

Allete, Inc. (NYSE:ALE – Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $67.72 and last traded at $67.6750, with a volume of 367122 shares trading hands. The stock had previously closed at $67.47.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ALE shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Allete in a report on Monday. Wall Street Zen cut shares of Allete from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy”.

Read Our Latest Stock Report on Allete

Allete Trading Up 0.3%

The stock has a market cap of $3.95 billion, a P/E ratio of 23.83 and a beta of 0.83. The firm’s 50 day simple moving average is $67.45 and its two-hundred day simple moving average is $65.79. The company has a quick ratio of 0.73, a current ratio of 1.17 and a debt-to-equity ratio of 0.63.

Allete (NYSE:ALE – Get Free Report) last posted its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.34). Allete had a net margin of 11.04% and a return on equity of 5.08%. The business had revenue of $375.00 million during the quarter, compared to analyst estimates of $434.90 million.

Institutional Trading of Allete

Several hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Allete by 33.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,550 shares of the utilities provider’s stock valued at $814,000 after purchasing an additional 3,179 shares during the period. Cannon Global Investment Management LLC grew its holdings in Allete by 152.2% during the second quarter. Cannon Global Investment Management LLC now owns 22,700 shares of the utilities provider’s stock worth $1,454,000 after acquiring an additional 13,700 shares during the period. Intech Investment Management LLC grew its holdings in Allete by 37.8% during the first quarter. Intech Investment Management LLC now owns 40,204 shares of the utilities provider’s stock worth $2,641,000 after acquiring an additional 11,019 shares during the period. Eisler Capital Management Ltd. raised its position in Allete by 8.3% in the second quarter. Eisler Capital Management Ltd. now owns 54,153 shares of the utilities provider’s stock worth $3,467,000 after acquiring an additional 4,130 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd acquired a new stake in Allete in the 2nd quarter valued at about $550,000. 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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