Toronto Dominion Bank Boosts Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Toronto Dominion Bank lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 49.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,832 shares of the company’s stock after buying an additional 5,232 shares during the period. Toronto Dominion Bank’s holdings in Allegro MicroSystems were worth $369,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ALGM. FMR LLC boosted its position in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems during the 3rd quarter worth $71,289,000. State Street Corp raised its stake in shares of Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in Allegro MicroSystems during the third quarter worth about $18,269,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Trading Up 1.7 %

Shares of ALGM opened at $22.38 on Tuesday. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The stock has a market cap of $4.12 billion, a PE ratio of -159.86 and a beta of 1.67. 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 business’s 50-day moving average price is $21.18 and its 200-day moving average price is $24.18.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data 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 analysts’ expectations of $187.52 million. During the same quarter in the previous year, the company earned $0.36 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Analyst Ratings Changes

ALGM has been the topic of a number of research analyst reports. Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Morgan Stanley started coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Loop Capital started coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Barclays cut their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.09.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.

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.