The Manufacturers Life Insurance Company Purchases 155,284 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

The Manufacturers Life Insurance Company raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGMFree Report) by 15.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,175,421 shares of the company’s stock after purchasing an additional 155,284 shares during the quarter. The Manufacturers Life Insurance Company owned 0.61% of Allegro MicroSystems worth $35,580,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ALGM. GAMMA Investing LLC acquired a new position in Allegro MicroSystems during the 4th quarter worth about $28,000. Tucker Asset Management LLC boosted its holdings in Allegro MicroSystems by 46.2% in the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after acquiring an additional 474 shares during the last quarter. Huntington National Bank increased its position in Allegro MicroSystems by 85.0% during the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after purchasing an additional 915 shares during the period. Quadrant Capital Group LLC raised its holdings in Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel lifted its position in shares of Allegro MicroSystems by 28.5% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after purchasing an additional 502 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $29.45 on Friday. The stock has a 50 day moving average of $28.48 and a 200 day moving average of $28.75. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. Allegro MicroSystems, Inc. has a 12 month low of $23.64 and a 12 month high of $53.05. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 37.76 and a beta of 1.70.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. The company had revenue of $240.58 million for the quarter, compared to the consensus estimate of $235.00 million. As a group, sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC decreased their price objective on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Mizuho lowered their price objective on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Barclays cut their target price on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Jefferies Financial Group initiated coverage on Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 price target on the stock. Finally, Evercore ISI began coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.11.

Read Our Latest Report on ALGM

Insider Activity

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the sale, the director now directly owns 23,001 shares of the company’s stock, valued at $690,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.70% of the company’s stock.

Allegro MicroSystems Profile

(Free Report)

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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