Amalgamated Bank Grows Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Amalgamated Bank grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 99.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,399 shares of the company's stock after buying an additional 36,042 shares during the period. Amalgamated Bank's holdings in Allegro MicroSystems were worth $1,687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ALGM. Texas Permanent School Fund Corp increased its position in shares of Allegro MicroSystems by 1.7% during the first quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company's stock valued at $1,686,000 after buying an additional 1,019 shares during the period. SG Americas Securities LLC bought a new stake in shares of Allegro MicroSystems during the first quarter valued at about $297,000. Russell Investments Group Ltd. increased its position in shares of Allegro MicroSystems by 238.9% during the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company's stock valued at $1,503,000 after buying an additional 39,289 shares during the period. ProShare Advisors LLC increased its position in shares of Allegro MicroSystems by 23.1% during the first quarter. ProShare Advisors LLC now owns 12,157 shares of the company's stock valued at $328,000 after buying an additional 2,279 shares during the period. Finally, Trillium Asset Management LLC increased its position in shares of Allegro MicroSystems by 1.9% during the first quarter. Trillium Asset Management LLC now owns 265,693 shares of the company's stock valued at $7,163,000 after buying an additional 4,930 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALGM. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price objective on the stock. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective on the stock. Loop Capital began coverage on shares of Allegro MicroSystems in a research report on Tuesday. They issued a "buy" rating and a $30.00 price objective on the stock. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a research report on Friday, November 1st. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus target price of $30.80.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded down $0.05 on Wednesday, reaching $20.47. 454,728 shares of the company's stock traded hands, compared to its average volume of 1,922,748. Allegro MicroSystems, Inc. has a 12 month low of $19.71 and a 12 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 stock has a 50-day simple moving average of $21.81 and a 200 day simple moving average of $25.60.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business's quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share.

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.