Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC boosted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 105.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,003 shares of the company's stock after acquiring an additional 43,090 shares during the quarter. Mutual of America Capital Management LLC's holdings in Allegro MicroSystems were worth $1,957,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ALGM. Versant Capital Management Inc raised its stake in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock valued at $33,000 after acquiring an additional 1,096 shares in the last quarter. GAMMA Investing LLC increased its holdings in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock worth $50,000 after purchasing an additional 603 shares during the period. KBC Group NV raised its position in Allegro MicroSystems by 40.9% in 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 in the last quarter. CWM LLC boosted its stake in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after buying an additional 921 shares during the period. Finally, Van ECK Associates Corp acquired a new position in shares of Allegro MicroSystems during the third quarter worth about $172,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ALGM shares. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a report on Friday. They issued an "overweight" rating and a $23.00 price objective on the stock. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price for the company. Loop Capital initiated coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target on the stock. Finally, UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average target price of $30.09.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $1.02 during trading hours on Monday, reaching $22.33. The stock had a trading volume of 2,639,886 shares, compared to its average volume of 1,957,020. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The firm has a 50-day moving average of $21.49 and a 200-day moving average of $25.05. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

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