Mutual of America Capital Management LLC Trims Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mutual of America Capital Management LLC lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 17.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 69,005 shares of the company's stock after selling 14,998 shares during the quarter. Mutual of America Capital Management LLC's holdings in Allegro MicroSystems were worth $1,508,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the 4th quarter valued at $47,000. KBC Group NV raised its stake in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after purchasing an additional 1,042 shares during the period. Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems during the third quarter valued at about $172,000. Intech Investment Management LLC purchased a new stake in Allegro MicroSystems in the 3rd quarter worth approximately $214,000. Finally, Prosperity Financial Group Inc. boosted its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock valued at $248,000 after purchasing an additional 784 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

ALGM has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Loop Capital started coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. Finally, Barclays raised their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.70.

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Allegro MicroSystems Trading Down 1.7 %

ALGM stock traded down $0.44 during trading on Wednesday, hitting $25.03. 1,739,970 shares of the company traded hands, compared to its average volume of 3,248,562. The company has a 50-day moving average of $24.48 and a 200-day moving average of $22.76. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a market capitalization of $4.61 billion, a PE ratio of -71.61 and a beta of 1.67.

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.