Teachers Retirement System of The State of Kentucky Purchases 16,900 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• The Teachers Retirement System of The State of Kentucky increased its stake in Allegro MicroSystems by 74.3%, owning 39,633 shares valued at approximately $996,000.
• Allegro MicroSystems recently reported a quarterly revenue of $192.82 million, outperforming analyst expectations of $185.35 million, despite a 19.9% year-over-year drop.
• Equity analysts have mixed expectations, with target price adjustments ranging from $23.00 to $45.00, but overall consensus remains a buy rating for the stock.

Teachers Retirement System of The State of Kentucky lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 74.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,633 shares of the company's stock after purchasing an additional 16,900 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Allegro MicroSystems were worth $996,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Schonfeld Strategic Advisors LLC acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at $35,433,000. SG Americas Securities LLC acquired a new position in Allegro MicroSystems during the first quarter worth $805,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Allegro MicroSystems by 18.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock worth $668,000 after acquiring an additional 4,185 shares in the last quarter. Fifth Third Bancorp raised its stake in Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after acquiring an additional 504 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Allegro MicroSystems during the fourth quarter worth $603,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on ALGM. Bank of America increased their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a research note on Thursday, July 10th. Morgan Stanley increased their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Wells Fargo & Company reiterated an "overweight" rating and set a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. UBS Group lifted their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, Mizuho lifted their price target on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of "Buy" and a consensus price target of $33.63.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock traded down $0.33 during trading on Tuesday, reaching $34.04. The company's stock had a trading volume of 318,736 shares, compared to its average volume of 2,927,465. The stock has a 50-day moving average price of $31.76 and a two-hundred day moving average price of $26.44. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.29 billion, a P/E ratio of -87.24 and a beta of 1.75. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. As a group, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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.