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DULUTH, Minn. - ALLETE, Inc. (NYSE:ALE), an energy company based in Duluth, Minnesota, has announced that its board of directors declared a quarterly dividend of 73 cents per share on its common stock. This dividend is consistent with the previous quarter and translates to an annual payout of $2.92 per share, yielding 4.47%. According to InvestingPro data, ALLETE has maintained dividend payments for 55 consecutive years and raised them for the past 14 years.
The dividend is scheduled to be paid on June 1 to shareholders who are on record by the close of business on May 15, 2025. This declaration reflects the company’s commitment to providing returns to its shareholders. With a market capitalization of $3.78 billion and trading near its 52-week high, ALLETE currently shows a FAIR financial health score based on InvestingPro’s comprehensive analysis.
ALLETE’s operations include electric utilities Minnesota Power and Superior Water, Light and Power of Wisconsin, as well as other energy-related businesses such as ALLETE Clean Energy and BNI Energy. The company also holds a stake in the American Transmission Co.
The information in this announcement is based on a press release statement issued by ALLETE, Inc. Investors are advised that forward-looking statements provided by the company are subject to risks and uncertainties, and are encouraged to consult the documents ALLETE has filed with the Securities and Exchange Commission for more details on these risks.
In other recent news, Allegro Group reported its fourth-quarter 2024 earnings, revealing a miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.87, falling short of the expected $1.01, while revenue reached $364.8 million, below the forecast of $413.54 million. Despite this, Allegro Group demonstrated robust growth in several areas, with a 9.6% increase in gross merchandise value (GMV) and a 17.9% rise in adjusted EBITDA to approximately $3 billion. On the leadership front, New Energy Equity, part of the ALLETE, Inc. portfolio, announced that Josh Kunkel will become Chief Executive Officer starting June 1, 2025. This transition comes as co-founder Matt Hankey moves to a new role within the parent company as Emerging Technologies Officer. ALLETE’s CEO, Bethany Owen, expressed confidence in Kunkel’s leadership abilities, highlighting his dedication to the company’s mission and values. These developments reflect ongoing strategic shifts and financial challenges within these companies.
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