Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stake Raised by KBC Group NV

KBC Group NV lifted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 522.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,335 shares of the company’s stock after purchasing an additional 18,745 shares during the period. KBC Group NV’s holdings in Allegro MicroSystems were worth $488,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Avior Wealth Management LLC lifted its holdings in shares of Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after buying an additional 737 shares during the last quarter. Oak Thistle LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth $649,000. JPMorgan Chase & Co. raised its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Principal Financial Group Inc. boosted its position in Allegro MicroSystems by 14.1% during 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 period. Finally, Retirement Systems of Alabama increased its stake in shares of Allegro MicroSystems by 77.9% in the third quarter. Retirement Systems of Alabama now owns 229,815 shares of the company’s stock worth $5,355,000 after purchasing an additional 100,621 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 0.4 %

Shares of NASDAQ ALGM opened at $24.09 on Monday. The firm has a market cap of $4.43 billion, a PE ratio of -172.06 and a beta of 1.65. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company’s fifty day simple moving average is $22.67 and its 200 day simple moving average is $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 (NASDAQ:ALGM) last announced its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ALGM shares. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Barclays boosted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. Finally, Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus price target of $30.50.

Allegro MicroSystems 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.