Corebridge Financial Inc. Sells 5,025 Shares of ALLETE, Inc. (NYSE:ALE)

Corebridge Financial Inc. decreased its position in ALLETE, Inc. (NYSE:ALE) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,898 shares of the utilities provider’s stock after selling 5,025 shares during the quarter. Corebridge Financial Inc. owned 0.16% of ALLETE worth $6,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its stake in ALLETE by 30.9% in the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 172 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of ALLETE by 32.9% in the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 217 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in ALLETE by 31.0% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 370 shares during the period. KBC Group NV boosted its holdings in ALLETE by 61.7% during the 4th quarter. KBC Group NV now owns 2,431 shares of the utilities provider’s stock valued at $158,000 after acquiring an additional 928 shares during the period. Finally, Paloma Partners Management Co bought a new position in ALLETE during the 3rd quarter worth approximately $266,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on ALLETE in a research note on Friday, January 10th. They set a “hold” rating for the company.

ALLETE Stock Up 0.0 %

NYSE ALE opened at $65.68 on Friday. ALLETE, Inc. has a 1 year low of $56.66 and a 1 year high of $65.99. The stock has a market capitalization of $3.81 billion, a PE ratio of 21.19 and a beta of 0.74. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69. The business’s 50-day moving average is $65.55 and its 200 day moving average is $64.89.

ALLETE (NYSE:ALE) last posted its earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a net margin of 11.72% and a return on equity of 5.97%.

ALLETE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. This represents a $2.92 annualized dividend and a yield of 4.45%. ALLETE’s dividend payout ratio is 94.19%.

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.