Allegro MicroSystems, Inc. (NASDAQ:ALGM) Position Reduced by KBC Group NV

KBC Group NV lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 72.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,127 shares of the company's stock after selling 16,208 shares during the period. KBC Group NV's holdings in Allegro MicroSystems were worth $154,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of ALGM. Fifth Third Bancorp grew its position in shares of 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 during the last quarter. UMB Bank n.a. grew its stake in shares of Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after purchasing an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems during the fourth quarter valued at $40,000. Quarry LP bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at about $79,000. Finally, GAMMA Investing LLC lifted its holdings in Allegro MicroSystems by 144.3% in the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock worth $104,000 after purchasing an additional 2,454 shares during the period. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM traded up $0.95 during trading on Tuesday, hitting $36.35. The company had a trading volume of 2,044,811 shares, compared to its average volume of 2,651,969. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $37.18. The business's 50-day moving average is $27.75 and its 200 day moving average is $25.08. The company has a market cap of $6.72 billion, a P/E ratio of -93.20 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30.

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, topping analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period in the previous year, the firm earned $0.25 earnings per share. Allegro MicroSystems's revenue for the quarter was down 19.9% compared to the same quarter last year. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on ALGM shares. Wells Fargo & Company restated an "overweight" rating and set a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Bank of America started coverage on Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 target price for the company. Morgan Stanley upped their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. Barclays upped their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Mizuho upped their target price on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $31.63.

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.