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Allete holds shareholder meeting

(News Tribune file photo)

Allete officials touted greater diversification and growth at the 2018 Annual Meeting of Shareholders Tuesday morning.

President and CEO Al Hodnik told the crowd of nearly 900 people at the Duluth Entertainment Convention Center that growth largely came from Allete Clean Energy's wind projects in North Dakota and Montana.

"The Allete that we have fashioned in this era is stronger, it is better balanced and it is well positioned to achieve further growth," Hodnik said, adding that board of directors has increased the average and earnings growth rate from 5 percent to 5-7 percent.

Allete earned $3.38 per share in 2017 on net income, up 10.9 percent from 2016 while market capitalization is around $3.8 billion right now, up from $3.5 billion at this time last year.

Allete shares closed at $76.96 on Tuesday, down $1.90 during the day. The stock reached an all-time high of $81.24 in late 2017 and has been traded as low as $66.64 in the past year.