Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Amalgamated Bank

Amalgamated Bank raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 99.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,399 shares of the company’s stock after purchasing an additional 36,042 shares during the quarter. Amalgamated Bank’s holdings in Allegro MicroSystems were worth $1,687,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted 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 valued at $226,466,000 after acquiring an additional 999,939 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after acquiring an additional 235,335 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems by 0.5% during the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after acquiring an additional 11,230 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Allegro MicroSystems by 15.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after acquiring an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Allegro MicroSystems by 45.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock valued at $36,207,000 after acquiring an additional 397,681 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

ALGM has been the topic of several recent research reports. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group started coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Barclays dropped their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Finally, Loop Capital started coverage on shares of Allegro MicroSystems in a research note on Tuesday. They set a “buy” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.80.

Allegro MicroSystems Price Performance

ALGM opened at $20.52 on Wednesday. The company has a 50-day moving average of $21.86 and a 200-day moving average of $25.66. The company has a market capitalization of $3.78 billion, a P/E ratio of -148.70 and a beta of 1.69. Allegro MicroSystems, Inc. has a 1-year low of $19.71 and a 1-year high of $33.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

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

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.