Mutual of America Capital Management LLC Grows Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mutual of America Capital Management LLC increased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 105.3% during the third quarter, Holdings Channel.com reports. The fund owned 84,003 shares of the company’s stock after buying an additional 43,090 shares during the period. Mutual of America Capital Management LLC’s holdings in Allegro MicroSystems were worth $1,957,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its position in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after buying an additional 603 shares in the last quarter. CWM LLC raised its holdings in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. KBC Group NV lifted its stake in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the last quarter. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Allegro MicroSystems by 9.2% during the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock worth $375,000 after purchasing an additional 1,123 shares during the period. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

ALGM stock opened at $21.31 on Monday. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. The firm has a 50 day moving average of $21.49 and a two-hundred day moving average of $25.05. 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 12 month low of $18.59 and a 12 month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping 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 company had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was down 32.0% compared to the same quarter last year.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ALGM shares. Loop Capital initiated 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 for the company. UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a report on Friday. They issued an “overweight” rating and a $23.00 price target on the stock. Finally, Needham & Company LLC lowered their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

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.