Retirement Systems of Alabama Buys 100,621 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Retirement Systems of Alabama lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 77.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,815 shares of the company’s stock after acquiring an additional 100,621 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Allegro MicroSystems worth $5,355,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. KBC Group NV grew its position in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems in the 3rd quarter worth approximately $172,000. Oppenheimer Asset Management Inc. bought a new position in shares of Allegro MicroSystems in the second quarter valued at approximately $211,000. Intech Investment Management LLC bought a new position in shares of Allegro MicroSystems in the third quarter valued at approximately $214,000. Finally, nVerses Capital LLC purchased a new stake in shares of Allegro MicroSystems during the third quarter valued at approximately $231,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 4.7 %

Allegro MicroSystems stock opened at $21.04 on Thursday. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of -150.27 and a beta of 1.67. The firm has a 50 day simple moving average of $21.22 and a 200 day simple moving average of $24.10. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

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

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the purchase, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ALGM. Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Barclays cut their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They set an “overweight” rating and a $23.00 price objective for the company. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems 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.