7,376 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Acquired by Van ECK Associates Corp

Van ECK Associates Corp acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,376 shares of the company’s stock, valued at approximately $172,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGM. Vanguard Group Inc. increased its holdings in shares of Allegro MicroSystems by 13.5% during the first 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 increased its holdings in shares of Allegro MicroSystems by 6.7% during the first 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. increased its holdings 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 valued at $61,869,000 after acquiring an additional 11,230 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Allegro MicroSystems by 15.3% during the second 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 increased its holdings in shares of Allegro MicroSystems by 45.0% during the second 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. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several recent research reports. UBS Group initiated coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC decreased their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday. They set a “buy” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.80.

Allegro MicroSystems Trading Down 2.4 %

Shares of NASDAQ:ALGM opened at $20.03 on Thursday. 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. The business has a fifty day moving average price of $21.81 and a two-hundred day moving average price of $25.60.

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

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.