Texas Permanent School Fund Corp Raises Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Texas Permanent School Fund Corp lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 11.6% in the second quarter, HoldingsChannel.com reports. The firm owned 69,807 shares of the company’s stock after purchasing an additional 7,269 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Allegro MicroSystems were worth $1,971,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Allegro MicroSystems by 13.5% in 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 period. Clearbridge Investments LLC boosted its stake in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after acquiring an additional 235,335 shares during the period. Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 0.5% during the second quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock worth $61,869,000 after purchasing an additional 11,230 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Allegro MicroSystems by 15.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,175,421 shares of the company’s stock valued at $35,580,000 after purchasing an additional 155,284 shares during the period. Finally, GW&K Investment Management LLC raised its stake in Allegro MicroSystems by 90.9% during the 4th quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock valued at $31,790,000 after purchasing an additional 499,936 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Price Performance

ALGM stock opened at $22.96 on Wednesday. Allegro MicroSystems, Inc. has a 52 week low of $20.42 and a 52 week high of $33.45. The firm has a market capitalization of $4.45 billion, a P/E ratio of 29.44 and a beta of 1.68. The company has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $27.31. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter last year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was down 40.0% compared to the same quarter last year. Analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the sale, the insider now owns 69,750,097 shares in the company, valued at approximately $1,615,412,246.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

ALGM has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.44.

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