KBC Group NV Increases Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

KBC Group NV grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 522.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,335 shares of the company’s stock after acquiring an additional 18,745 shares during the period. KBC Group NV’s holdings in Allegro MicroSystems were worth $488,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. FMR LLC boosted its stake in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the period. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems during the 3rd quarter worth $71,289,000. JPMorgan Chase & Co. increased its position in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares in the last quarter. State Street Corp lifted its stake in Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ALGM. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Wells Fargo & Company raised their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Loop Capital initiated coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Friday. Finally, Barclays upped their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.50.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $24.09 on Monday. The firm has a 50 day moving average of $22.67 and a two-hundred day moving average of $22.63. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The stock has a market capitalization of $4.43 billion, a PE ratio of -172.06 and a beta of 1.65.

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

Insider Activity

In related news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

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.