Fintel reports that on July 7, 2023, Guggenheim maintained coverage of Allete (NYSE:ALE) with a Sell recommendation.
Analyst Price Forecast Suggests 17.46% Upside
As of July 6, 2023, the average one-year price target for Allete is 66.47. The forecasts range from a low of 54.54 to a high of $84.00. The average price target represents an increase of 17.46% from its latest reported closing price of 56.59.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Allete is 1,577MM, a decrease of 9.99%. The projected annual non-GAAP EPS is 3.99.
What is the Fund Sentiment?
There are 637 funds or institutions reporting positions in Allete. This is a decrease of 29 owner(s) or 4.35% in the last quarter. Average portfolio weight of all funds dedicated to ALE is 0.21%, an increase of 16.97%. Total shares owned by institutions increased in the last three months by 1.09% to 53,193K shares. 
The put/call ratio of ALE is 0.14, indicating a bullish outlook.
What are Other Shareholders Doing?
Victory Capital Management holds 2,151K shares representing 3.75% ownership of the company. In it's prior filing, the firm reported owning 1,663K shares, representing an increase of 22.67%. The firm decreased its portfolio allocation in ALE by 21.58% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,764K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 1,731K shares, representing an increase of 1.87%. The firm decreased its portfolio allocation in ALE by 6.10% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 1,763K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 1,765K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in ALE by 4.59% over the last quarter.
ATLAS Infrastructure Partners holds 1,590K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 1,511K shares, representing an increase of 4.95%. The firm increased its portfolio allocation in ALE by 57,349.77% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,498K shares representing 2.61% ownership of the company. In it's prior filing, the firm reported owning 1,473K shares, representing an increase of 1.71%. The firm decreased its portfolio allocation in ALE by 2.57% over the last quarter.
Allete Background Information
(This description is provided by the company.)
ALLETE, Inc. engages in the provision of electric and natural gas utility services.
Additional reading:
- Mine Safety.
- ALLETE News Release dated May 3, 2023, announcing 2023 first quarter earnings. (This exhibit has been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.)
- ALLETE Executive Annual Incentive Plan Form of Award Effective 2023.
- ALLETE Executive Annual Incentive Plan Form of Award ALLETE Clean Energy Effective 2023.
- Form of ALLETE Executive Long-Term Incentive Compensation Plan Restricted Stock Unit Grant Effective 2023.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
