NEW YORK ( TheStreet) -- The ex-dividend date for ALLETE (NYSE: ALE) is tomorrow, November 10, 2011. Owners of shares as of market close today will be eligible for a dividend of 45 cents per share. At a price of $39.12 as of 9:49 a.m. ET, the dividend yield is 4.6%.

The average volume for ALLETE has been 240,500 shares per day over the past 30 days. ALLETE has a market cap of $1.4 billion and is part of the utilities sector and utilities industry. Shares are up 4.1% year to date as of the close of trading on Tuesday.

ALLETE, Inc., together with its subsidiaries, primarily engages in the generation, transmission, and distribution of electric power in the United States. The company operates in two segments, Regulated Operations, and Investments and Other. The company has a P/E ratio of 15.5, equal to the average utilities industry P/E ratio and below the S&P 500 P/E ratio of 17.7.
  • Practice your dividend trading strategies and win cash in our stock game.

TheStreet Ratings rates ALLETE as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full ALLETE Ratings Report.

See our dividend calendar or top-yielding stocks list.