Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Position Raised by Amalgamated Bank

Amalgamated Bank lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 99.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 72,399 shares of the company’s stock after purchasing an additional 36,042 shares during the quarter. Amalgamated Bank’s holdings in Allegro MicroSystems were worth $1,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of ALGM. Texas Permanent School Fund Corp grew its position in shares of Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after buying an additional 1,019 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Allegro MicroSystems during the 1st quarter valued at about $297,000. Russell Investments Group Ltd. grew its position in shares of Allegro MicroSystems by 238.9% during the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the last quarter. ProShare Advisors LLC boosted its stake in Allegro MicroSystems by 23.1% during the 1st quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock valued at $328,000 after purchasing an additional 2,279 shares during the period. Finally, Trillium Asset Management LLC grew its position in Allegro MicroSystems by 1.9% in the 1st quarter. Trillium Asset Management LLC now owns 265,693 shares of the company’s stock worth $7,163,000 after purchasing an additional 4,930 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of recent analyst reports. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Barclays reduced their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Finally, Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average target price of $30.80.

Allegro MicroSystems Stock Down 1.6 %

Allegro MicroSystems stock opened at $20.52 on Wednesday. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -148.70 and a beta of 1.69. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $21.86 and its two-hundred day moving average price is $25.66. Allegro MicroSystems, Inc. has a 52 week low of $19.71 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.