Principal Financial Group Inc. Buys 308,943 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. boosted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.1% during the third quarter, Holdings Channel.com reports. The fund owned 2,499,760 shares of the company’s stock after acquiring an additional 308,943 shares during the quarter. Principal Financial Group Inc.’s holdings in Allegro MicroSystems were worth $58,244,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in 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 raised its stake in 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 purchasing an additional 235,335 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock worth $60,673,000 after purchasing an additional 285,747 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Allegro MicroSystems by 45.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after purchasing an additional 397,681 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in Allegro MicroSystems by 4.5% during the 1st quarter. 1832 Asset Management L.P. now owns 992,700 shares of the company’s stock valued at $26,763,000 after buying an additional 42,700 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Barclays cut their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Needham & Company LLC decreased their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley assumed coverage on Allegro MicroSystems in a report on Thursday. They set an “equal weight” rating and a $21.00 price target for the company. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average target price of $30.89.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $21.73 on Friday. The firm has a market capitalization of $4.00 billion, a PE ratio of -155.20 and a beta of 1.69. The stock’s fifty day moving average is $21.94 and its 200 day moving average is $25.74. Allegro MicroSystems, Inc. has a fifty-two week low of $19.71 and a fifty-two week 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 announced its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The business 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%. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share.

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.