NEW YORK ( TheStreet) -- ALLETE (NYSE: ALE) hit a new 52-week high Thursday as it is currently trading at $42.41, above its previous 52-week high of $42.40 with 31,103 shares traded as of 10:23 a.m. ET. Average volume has been 232,000 shares over the past 30 days.

ALLETE has a market cap of $1.56 billion and is part of the utilities sector and utilities industry. Shares are up 13.6% year to date as of the close of trading on Wednesday.

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 16.9, equal to the average utilities industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

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, increase in net income, solid stock price performance and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full ALLETE Ratings Report.

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