Bank of America Corp DE Has $7.42 Million Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of America Corp DE decreased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 47.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 339,450 shares of the company’s stock after selling 308,468 shares during the period. Bank of America Corp DE owned 0.18% of Allegro MicroSystems worth $7,420,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGM. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Allegro MicroSystems in the fourth quarter worth approximately $35,433,000. Paloma Partners Management Co raised its position in Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock valued at $45,989,000 after acquiring an additional 1,594,170 shares in the last quarter. Norges Bank acquired a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $26,926,000. Finally, Wellington Management Group LLP lifted its stake in Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ALGM shares. UBS Group increased their price target on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Needham & Company LLC lowered their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Mizuho boosted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Finally, Barclays raised their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.38.

Allegro MicroSystems Trading Down 1.9%

Shares of NASDAQ:ALGM opened at $25.42 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The stock’s 50-day moving average is $22.59 and its 200-day moving average is $23.05. The company has a market cap of $4.68 billion, a P/E ratio of -72.63 and a beta of 1.57. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company’s revenue was down 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

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.