ALLETE Inc (ALE) was Upgraded by Williams Capital Group to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 63 from a previous price target of $60 . Earlier the firm had a rating of “Hold ” on the company shares. Williams Capital Group advised their investors in a research report released on May 25, 2016.
Many Wall Street Analysts have commented on ALLETE Inc.
On the company’s financial health, ALLETE Inc reported $0.93 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.90. The company had revenue of $333.80 million for the quarter.The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS.
ALLETE Inc opened for trading at $54.97 and hit $55.1 on the upside on Friday, eventually ending the session at $55.1, with a gain of 0.49% or 0.27 points. The heightened volatility saw the trading volume jump to 1,69,206 shares. Company has a market cap of $2,714 M.
In a different news, on May 9, 2016, Steven Wayne Morris (Controller) sold 392 shares at $56.15 per share price. According to the SEC, on Mar 10, 2016, Deborah A Amberg (SrVP, Gen. Counsel & Secretary) sold 14,722 shares at $55.90 per share price. On Feb 4, 2016, Madeleine W Ludlow (director) sold 200 shares at $52.55 per share price, according to the Form-4 filing with the securities and exchange commission.
ALLETE Inc. is a provider of energy. The Company operates under the following segments: Regulated Operations and Investments and Other. The Company’s Regulated Operations segment includes its regulated utilities Minnesota Power and Superior Water Light and Power Co. (SWL&P) as well as its investment in American Transmission Company (ATC). The Investments and Other segment comprises its energy infrastructure and related services businesses ALLETE Clean Energy Inc. and BNI Coal Inc. Investments and Other segment also includes ALLETE Properties LLC other business development and corporate expenditures unallocated interest expense non-rate base generation approximately 5000 acres of land in Minnesota and earnings on cash and investments. The Company’s subsidiaries include ALLETE Clean Energy Inc. BNI Coal Inc. Rainy River Energy Corporation and ALLETE Properties LLC among others.