Bank of New York Mellon Corp Reduces Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of New York Mellon Corp lowered its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 10.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,060,151 shares of the company's stock after selling 121,430 shares during the period. Bank of New York Mellon Corp owned approximately 0.58% of Allegro MicroSystems worth $23,175,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. FMR LLC lifted its position in Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the period. JPMorgan Chase & Co. raised its stake in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp lifted its holdings 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 valued at $127,831,000 after buying an additional 1,615,351 shares during the period. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems in the 3rd quarter worth $71,289,000. Finally, Geode Capital Management LLC grew its holdings in shares of Allegro MicroSystems by 86.5% in the third 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 period. Hedge funds and other institutional investors own 56.45% of the company's stock.

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Wall Street Analyst Weigh In

ALGM has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. Barclays upped their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $30.70.

Allegro MicroSystems Price Performance

Shares of ALGM stock traded up $1.33 on Thursday, reaching $26.27. The company's stock had a trading volume of 3,236,439 shares, compared to its average volume of 3,267,963. The stock's fifty day simple moving average is $24.55 and its 200-day simple moving average is $22.77. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of -75.07 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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.