Thrivent Financial for Lutherans Buys 19,251 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Thrivent Financial for Lutherans boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 111.5% during the third quarter, Holdings Channel.com reports. The firm owned 36,516 shares of the company’s stock after buying an additional 19,251 shares during the period. Thrivent Financial for Lutherans’ holdings in Allegro MicroSystems were worth $851,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after purchasing an additional 308,943 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake 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 during the last quarter. Dimensional Fund Advisors LP boosted 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 worth $36,207,000 after purchasing an additional 397,681 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Allegro MicroSystems by 2.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 984,297 shares of the company’s stock worth $27,797,000 after purchasing an additional 25,497 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Allegro MicroSystems by 18.7% in the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after acquiring an additional 127,094 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $21.88 on Wednesday. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company’s fifty day simple moving average is $21.37 and its 200-day simple moving average is $24.77. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction dated 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 owns 246,086 shares of the company’s stock, valued at $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ALGM. Morgan Stanley initiated coverage on shares of 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. Wells Fargo & Company began coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They set an “overweight” rating and a $23.00 price objective for the company. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Barclays reduced 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. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.