Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 0.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,152,922 shares of the company’s stock after purchasing an additional 4,444 shares during the period. The Manufacturers Life Insurance Company’s holdings in Allegro MicroSystems were worth $50,163,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ALGM. Vanguard Group Inc. increased its holdings in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares during the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth $18,269,000. Westfield Capital Management Co. LP increased its holdings in shares of Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Allegro MicroSystems by 101.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock valued at $31,835,000 after purchasing an additional 688,539 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Allegro MicroSystems by 47.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,453,004 shares of the company’s stock valued at $33,855,000 after purchasing an additional 468,707 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 0.4 %

Shares of Allegro MicroSystems stock opened at $21.48 on Friday. The business has a 50-day moving average of $21.42 and a 200-day moving average of $24.95. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company has a market capitalization of $3.95 billion, a PE ratio of -153.43 and a beta of 1.69. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26.

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

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALGM. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Wells Fargo & Company began coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price target for the company. UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. Finally, Barclays lowered their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and an average price target of $30.09.

About Allegro MicroSystems

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.