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

Corebridge Financial Inc. reduced its holdings in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 5.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Intech Investment Management LLC increased its position in ALLETE by 88.5% during the 3rd quarter. Intech Investment Management LLC now owns 9,763 shares of the utilities provider's stock worth $627,000 after purchasing an additional 4,584 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of ALLETE by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 766,343 shares of the utilities provider's stock worth $49,192,000 after buying an additional 7,739 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of ALLETE by 28.3% during the 3rd quarter. Citigroup Inc. now owns 129,635 shares of the utilities provider's stock valued at $8,321,000 after acquiring an additional 28,612 shares in the last quarter. Cerity Partners LLC grew its position in ALLETE by 1.7% during the 3rd quarter. Cerity Partners LLC now owns 27,080 shares of the utilities provider's stock worth $1,738,000 after acquiring an additional 451 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its stake in shares of ALLETE by 1.9% during the third quarter. D.A. Davidson & CO. now owns 16,844 shares of the utilities provider's stock valued at $1,081,000 after purchasing an additional 315 shares in the last quarter. 76.55% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of ALLETE in a research note on Friday, January 10th. They issued a "hold" rating on the stock.

ALLETE Trading Down 0.1 %

Shares of ALLETE stock traded down $0.04 during midday trading on Monday, reaching $65.68. The company had a trading volume of 403,171 shares, compared to its average volume of 363,441. The stock has a fifty day moving average price of $65.55 and a 200 day moving average price of $64.91. ALLETE, Inc. has a fifty-two week low of $56.66 and a fifty-two week high of $65.99. The firm 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 current ratio of 1.08 and a quick ratio of 0.69.

ALLETE (NYSE:ALE - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (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 firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend 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 dividend yield of 4.45%. ALLETE's dividend payout ratio (DPR) is 94.19%.

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.