Rhumbline Advisers Boosts Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Rhumbline Advisers grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 330,263 shares of the company’s stock after buying an additional 4,428 shares during the quarter. Rhumbline Advisers owned 0.18% of Allegro MicroSystems worth $8,299,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ALGM. Mackenzie Financial Corp lifted its stake in Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after purchasing an additional 491 shares during the last quarter. Keybank National Association OH grew its stake in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock valued at $386,000 after buying an additional 1,687 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $40,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $47,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $30.50 on Wednesday. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $22.86 and a 200-day moving average of $23.60. The firm has a market cap of $5.64 billion, a P/E ratio of -87.14 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on ALGM. UBS Group raised their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Morgan Stanley raised their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. 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. Finally, Mizuho increased their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.63.

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.