New York State Common Retirement Fund Has $1.36 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New York State Common Retirement Fund lowered its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 86.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,138 shares of the company's stock after selling 338,157 shares during the quarter. New York State Common Retirement Fund's holdings in Allegro MicroSystems were worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in shares of Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after buying an additional 504 shares during the period. UMB Bank n.a. increased its position in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale acquired a new stake in Allegro MicroSystems during the 1st quarter valued at approximately $71,000. Finally, Quarry LP acquired a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $79,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 2.0%

Shares of Allegro MicroSystems stock traded up $0.67 on Monday, reaching $34.37. 1,181,926 shares of the company's stock were exchanged, compared to its average volume of 2,237,990. The company has a market capitalization of $6.36 billion, a P/E ratio of -88.13 and a beta of 1.75. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $38.45. The firm's 50-day moving average is $31.76 and its two-hundred day moving average is $26.44. 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 posted its quarterly 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. The firm had revenue of $192.82 million for 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 revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.25 EPS. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on ALGM. UBS Group increased their target price on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Bank of America increased their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research report on Thursday, July 10th. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. Mizuho increased their target price on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Buy" and an average target price of $33.63.

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.