Allete (NYSE:ALE) Sees Large Volume Increase – What’s Next?

Allete, Inc. (NYSE:ALE) shares saw unusually-strong trading volume on Thursday . Approximately 1,724,252 shares changed hands during trading, an increase of 233% from the previous session’s volume of 517,050 shares.The stock last traded at $67.8550 and had previously closed at $67.71.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ALE. Wall Street Zen downgraded Allete from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Allete in a research report on Monday. One analyst has rated the stock with a Buy rating, According to MarketBeat, Allete has a consensus rating of “Buy”.

Allete Price Performance

The business’s 50 day moving average is $67.42 and its 200-day moving average is $65.77. The firm has a market capitalization of $3.95 billion, a P/E ratio of 23.83 and a beta of 0.83. 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) last issued its quarterly earnings results on Thursday, October 30th. The utilities provider reported $0.46 earnings per share (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 the consensus estimate of $434.90 million.

Institutional Trading of Allete

A number of hedge funds have recently added to or reduced their stakes in ALE. Triumph Capital Management acquired a new stake in shares of Allete during the 3rd quarter valued at $27,000. CX Institutional raised its position in Allete by 67.3% in the third quarter. CX Institutional now owns 445 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 179 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Allete by 151.7% during the third quarter. Smartleaf Asset Management LLC now owns 579 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 349 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Allete by 3,456.3% during the second quarter. IFP Advisors Inc now owns 569 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 553 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of Allete in the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 76.55% of the company’s stock.

About Allete

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.