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

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALE. Glazer Capital LLC bought a new stake in ALLETE during the third quarter worth about $5,766,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of ALLETE in the 4th quarter worth approximately $5,378,000. Barclays PLC grew its stake in shares of ALLETE by 187.1% in the 3rd quarter. Barclays PLC now owns 100,079 shares of the utilities provider’s stock worth $6,425,000 after buying an additional 65,222 shares during the last quarter. Jane Street Group LLC increased its position in ALLETE by 107.8% during the 3rd quarter. Jane Street Group LLC now owns 121,631 shares of the utilities provider’s stock valued at $7,807,000 after buying an additional 63,091 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in ALLETE by 54.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 169,707 shares of the utilities provider’s stock valued at $10,997,000 after buying an additional 59,891 shares during the last quarter. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Trading Up 0.0 %

Shares of NYSE ALE opened at $65.68 on Friday. The company has a market cap 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 quick ratio of 0.69 and a current ratio of 1.08. The firm’s 50 day moving average price is $65.55 and its 200-day moving average price is $64.89. ALLETE, Inc. has a 52-week low of $56.66 and a 52-week high of $65.99.

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

ALLETE Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.