The Manufacturers Life Insurance Company Reduces Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

The Manufacturers Life Insurance Company cut its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 95.2% during the fourth quarter, HoldingsChannel reports. The firm owned 102,281 shares of the company’s stock after selling 2,050,641 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Allegro MicroSystems were worth $2,236,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ALGM. Avior Wealth Management LLC boosted its stake in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares during the period. Keybank National Association OH boosted its position in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock valued at $386,000 after buying an additional 1,687 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth approximately $40,000. Finally, Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. 56.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Mizuho lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. Needham & Company LLC lowered their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. UBS Group increased their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus price target of $28.44.

Allegro MicroSystems Trading Up 6.0 %

Shares of NASDAQ:ALGM opened at $22.33 on Friday. The company has a market capitalization of $4.11 billion, a PE ratio of -63.80 and a beta of 1.57. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The business’s fifty day simple moving average is $22.60 and its 200-day simple moving average is $22.72.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. As a group, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

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.