American International Group Inc. Decreases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

American International Group Inc. lessened its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 96,879 shares of the company’s stock after selling 4,108 shares during the period. American International Group Inc. owned approximately 0.05% of Allegro MicroSystems worth $2,933,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. 1832 Asset Management L.P. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $28,756,000. Vanguard Group Inc. raised its stake in Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after acquiring an additional 355,814 shares during the last quarter. South Dakota Investment Council purchased a new position in Allegro MicroSystems in the 4th quarter worth $1,059,000. JPMorgan Chase & Co. raised its stake in Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after acquiring an additional 727,535 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Allegro MicroSystems by 42.5% in the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after acquiring an additional 116,603 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $27.25 on Tuesday. Allegro MicroSystems, Inc. has a 52 week low of $23.64 and a 52 week high of $53.05. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.28 billion, a PE ratio of 34.94 and a beta of 1.70. The stock’s 50-day moving average price is $28.90 and its 200-day moving average price is $28.85.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 9th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The firm had revenue of $240.58 million for the quarter, compared to analysts’ expectations of $235.00 million. As a group, equities analysts expect that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

Insider Activity

In other news, Director Richard R. Lury sold 8,500 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the sale, the director now directly owns 23,001 shares in the company, valued at approximately $690,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.70% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of research analyst reports. Mizuho reduced their target price on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Evercore ISI initiated coverage on Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 target price for the company. TD Cowen raised their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, Barclays reduced their price objective on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.44.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.