Sumitomo Mitsui Trust Group Inc. Sells 5,756 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,691 shares of the company’s stock after selling 5,756 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Allegro MicroSystems were worth $715,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALGM. State of New Jersey Common Pension Fund D bought a new position in Allegro MicroSystems during the third quarter valued at approximately $1,890,000. Principal Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Allegro MicroSystems by 99.1% during the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company’s stock valued at $1,687,000 after purchasing an additional 36,042 shares during the last quarter. Van ECK Associates Corp purchased a new position in Allegro MicroSystems in the 3rd quarter worth $172,000. Finally, New York State Teachers Retirement System lifted its stake in Allegro MicroSystems by 97.4% in the third quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock worth $534,000 after purchasing an additional 11,300 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $19.49 on Wednesday. The business has a fifty day moving average price of $21.55 and a 200-day moving average price of $25.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company has a market capitalization of $3.59 billion, a PE ratio of -139.21 and a beta of 1.69. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million for 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%. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction dated Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ALGM shares. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley began coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Finally, Barclays decreased their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average price target of $30.80.

Allegro MicroSystems 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.