Retirement Systems of Alabama Acquires 100,621 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Retirement Systems of Alabama raised its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 77.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 229,815 shares of the company’s stock after acquiring an additional 100,621 shares during the period. Retirement Systems of Alabama’s holdings in Allegro MicroSystems were worth $5,355,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in Allegro MicroSystems in the third quarter valued at approximately $516,000. Barclays PLC increased its holdings in shares of Allegro MicroSystems by 88.1% in the 3rd quarter. Barclays PLC now owns 75,620 shares of the company’s stock worth $1,761,000 after buying an additional 35,417 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Allegro MicroSystems by 49.4% during the 3rd quarter. Toronto Dominion Bank now owns 15,832 shares of the company’s stock valued at $369,000 after buying an additional 5,232 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Allegro MicroSystems by 55.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,936 shares of the company’s stock worth $1,047,000 after acquiring an additional 16,064 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 4.7 %

Shares of ALGM opened at $21.04 on Thursday. The stock has a market capitalization of $3.87 billion, a P/E ratio of -150.27 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm has a fifty day simple moving average of $21.22 and a two-hundred day simple moving average of $24.10.

Allegro MicroSystems (NASDAQ:ALGM) last posted its 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 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 analyst estimates of $187.52 million. During the same period in the prior year, the business posted $0.36 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALGM. Barclays reduced their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC reduced their price objective 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. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price for the company. 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. Finally, UBS Group began 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. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

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.