Ray Dalio Was Wrong About These 5 Stocks

4. ALLETE, Inc. (NYSE:ALE)

Number of Hedge Fund Holders: 16     

Percentage Decline in Share Price (YTD): 6.46% 

ALLETE, Inc. (NYSE:ALE) operates as an energy company. According to the latest data, Bridgewater Associates owned more than 6,400 shares of ALLETE, Inc. (NYSE:ALE) at the end of the first quarter of 2022 worth $433,000, representing a small portion of the portfolio. 

On May 23, Bank of America analyst Julien Dumoulin-Smith initiated coverage of ALLETE, Inc. (NYSE:ALE) stock with a Neutral rating and a price target of $63, noting that the firm relied on a small number of industrial customers in relation to peers and had limited load growth. 

At the end of the first quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $46 million in ALLETE, Inc. (NYSE:ALE), compared to 12 in the preceding quarter worth $46.9 million.