The stock of ALLETE Inc (NYSE:ALE) is a huge mover today! The stock increased 2.84% or $1.69 during the last trading session, hitting $61.29. About 273,951 shares traded hands or 50.10% up from the average. ALLETE Inc (NYSE:ALE) has risen 4.03% since March 29, 2016 and is uptrending. It has outperformed by 0.56% the S&P500.
The move comes after 7 months positive chart setup for the $3.04 billion company. It was reported on Oct, 31 by Barchart.com. We have $84.58 PT which if reached, will make NYSE:ALE worth $1.16 billion more.
Analysts await ALLETE Inc (NYSE:ALE) to report earnings on November, 1. They expect $0.98 earnings per share, down 20.33% or $0.25 from last year’s $1.23 per share. ALE’s profit will be $48.61 million for 15.64 P/E if the $0.98 EPS becomes a reality. After $0.50 actual earnings per share reported by ALLETE Inc for the previous quarter, Wall Street now forecasts 96.00% EPS growth.
ALLETE Inc (NYSE:ALE) Ratings Coverage
Out of 4 analysts covering ALLETE Inc (NYSE:ALE), 1 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 25% are positive. ALLETE Inc has been the topic of 6 analyst reports since October 15, 2015 according to StockzIntelligence Inc. The rating was initiated by Wells Fargo on Thursday, October 15 with “Market Perform”. On Tuesday, December 8 the stock rating was upgraded by Wunderlich to “Buy”. Williams Capital Group downgraded ALLETE Inc (NYSE:ALE) on Tuesday, March 29 to “Hold” rating. The stock of ALLETE Inc (NYSE:ALE) earned “Hold” rating by Wunderlich on Monday, October 19. On Wednesday, March 30 the stock rating was maintained by JP Morgan with “Underweight”.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment decreased to 1.16 in 2016 Q2. Its down 0.40, from 1.56 in 2016Q1. The ratio dived, as 23 funds sold all ALLETE Inc shares owned while 70 reduced positions. 29 funds bought stakes while 79 increased positions. They now own 33.41 million shares or 3.56% less from 34.64 million shares in 2016Q1.
Paloma Management Com reported 4,596 shares or 0% of all its holdings. Waddell & Reed accumulated 0.02% or 170,800 shares. Palisade Cap Management Ltd Liability Corporation Nj owns 33,300 shares or 0.08% of their US portfolio. Old Natl Bancorp In last reported 3,716 shares in the company. Van Eck Corp accumulated 140 shares or 0% of the stock. Blackrock Invest Management Limited Liability Corp has 230,020 shares for 0.02% of their US portfolio. Citadel Advisors Lc accumulated 13,593 shares or 0% of the stock. Moreover, Next Finance Gp has 0% invested in ALLETE Inc (NYSE:ALE) for 25 shares. Art Advsrs Ltd Liability Co has 0.02% invested in the company for 6,783 shares. Us Fincl Bank De accumulated 56,418 shares or 0.01% of the stock. Blackrock Lc accumulated 0.02% or 231,814 shares. Comml Bank Of America Corp De, a North Carolina-based fund reported 222,081 shares. Nordea Investment Mgmt Ab holds 26,200 shares or 0% of its portfolio. Duncker Streett holds 0.02% or 666 shares in its portfolio. Fincl Serv Corporation accumulated 0% or 27 shares.
Insider Transactions: Since May 6, 2016, the stock had 0 insider buys, and 1 sale for $22,011 net activity. Another trade for 392 shares valued at $22,011 was sold by Morris Steven Wayne.
More news for ALLETE Inc (NYSE:ALE) were recently published by: Streetinsider.com, which released: “ALLETE, Inc. (ALE) CFO Steve DeVinck to Retire” on September 26, 2016. Businesswire.com‘s article titled: “ALLETE Promotes Patrick L. Cutshall to Company Treasurer” and published on November 05, 2015 is yet another important article.
ALE Company Profile
ALLETE, Inc., incorporated on January 25, 1906, is an energy company. The Firm operates through three divisions: Regulated Operations, ALLETE Clean Energy and U.S. Water Services. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets in parts of Wisconsin, Michigan, Minnesota and Illinois. The Company’s regulated utility activities include retail and wholesale activities. Minnesota Power provides regulated utility electric service in northeastern Minnesota to approximately 145,000 retail customers. SWL&P is a Wisconsin utility and a wholesale customer of Minnesota Power.
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