Northern Trust Corp Purchases 128,726 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Northern Trust Corp raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 13.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,074,433 shares of the company's stock after purchasing an additional 128,726 shares during the period. Northern Trust Corp owned 0.58% of Allegro MicroSystems worth $23,487,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ALGM. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems in the fourth quarter valued at $40,000. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $47,000. Quarry LP acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $79,000. Sterling Capital Management LLC increased its holdings in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock worth $161,000 after purchasing an additional 2,758 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Allegro MicroSystems in the fourth quarter worth approximately $186,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM traded up $0.49 on Friday, reaching $27.51. 2,214,840 shares of the company's stock traded hands, compared to its average volume of 2,568,462. The stock's 50 day simple moving average is $22.54 and its two-hundred day simple moving average is $22.82. The stock has a market cap of $5.07 billion, a PE ratio of -78.60 and a beta of 1.57. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26. 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 (NASDAQ:ALGM - Get Free Report) last announced 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 firm had revenue of $192.82 million during 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 business's revenue was down 19.9% compared to the same quarter last year. During the same period last year, the firm posted $0.25 EPS. On average, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ALGM. 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 note on Friday, May 9th. Barclays upped their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Mizuho boosted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. UBS Group increased their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus target price of $27.38.

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.