ALLETE (NYSE:ALE) Now Covered by StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of ALLETE (NYSE:ALE) in a research note issued on Friday. The brokerage set a “hold” rating on the utilities provider’s stock.

ALLETE Trading Down 0.0 %

NYSE ALE opened at $63.85 on Friday. The stock has a market cap of $3.69 billion, a P/E ratio of 15.35 and a beta of 0.80. 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 12-month low of $49.29 and a 12-month high of $65.86. The company has a fifty day simple moving average of $63.84 and a two-hundred day simple moving average of $62.03.

ALLETE (NYSE:ALE) last issued its earnings results 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). The firm had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The business’s revenue was down 33.6% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS.

Institutional Trading of ALLETE

Several institutional investors and hedge funds have recently bought and sold shares of ALE. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ALLETE in the second quarter worth $74,000. Water Island Capital LLC purchased a new stake in shares of ALLETE in the second quarter worth about $11,583,000. Creative Planning boosted its stake in shares of ALLETE by 204.1% in the second quarter. Creative Planning now owns 20,972 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 14,076 shares during the last quarter. Algert Global LLC boosted its stake in shares of ALLETE by 16.5% in the second quarter. Algert Global LLC now owns 40,988 shares of the utilities provider’s stock worth $2,556,000 after buying an additional 5,808 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of ALLETE by 955.1% in the second quarter. Millennium Management LLC now owns 897,622 shares of the utilities provider’s stock worth $55,967,000 after buying an additional 812,548 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

ALLETE Company Profile

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.