The ex-dividend date for ALLETE (NYSE:ALE) is tomorrow, May 11, 2012. Owners of shares as of market close today will be eligible for a dividend of 46 cents per share. At a price of $40.19 as of 9:30 a.m., the dividend yield is 4.6%.
NEW YORK ( TheStreet) -- The ex-dividend date for ALLETE (NYSE: ALE) is tomorrow, May 11, 2012. Owners of shares as of market close today will be eligible for a dividend of 46 cents per share. At a price of $40.19 as of 9:30 a.m. ET, the dividend yield is 4.6%. The average volume for ALLETE has been 185,500 shares per day over the past 30 days. ALLETE has a market cap of $1.53 billion and is part of the utilities sector and utilities industry. Shares are down 4.6% 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 coal-fired, hydro, wind, and biomass co-fired 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 1.1, below the average utilities industry P/E ratio of 17.9 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 compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and increase in stock price during the past year. 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.