Bank of New York Mellon Corp Buys New Holdings in Allegro MicroSystems, Inc. $ALGM

Key Points

• Bank of New York Mellon acquired 716,952 shares of Allegro MicroSystems during the second quarter, valued at approximately $49.9 million and representing about 0.38% of the company. Institutional investors collectively own 56.45% of ALGM.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $53.45; UBS, Benchmark and Morgan Stanley all maintain buy-oriented ratings.
• Allegro exceeded quarterly expectations, reporting $0.23 in EPS versus $0.21 expected and revenue of $259.24 million, up 27.5% year over year. However, two senior vice presidents recently sold shares, while insiders own only 0.50% of the stock.

Bank of New York Mellon Corp acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 716,952 shares of the company's stock, valued at approximately $49,914,000. Bank of New York Mellon Corp owned approximately 0.38% of Allegro MicroSystems at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Parallel Advisors LLC lifted its holdings in Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company's stock worth $32,000 after buying an additional 302 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $34,000. CIBC Private Wealth Group LLC raised its position in shares of Allegro MicroSystems by 14,844.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company's stock worth $35,000 after acquiring an additional 1,336 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Allegro MicroSystems by 85.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company's stock worth $38,000 after acquiring an additional 669 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Allegro MicroSystems by 815.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company's stock worth $57,000 after acquiring an additional 1,908 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on ALGM shares. UBS Group upped their target price on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the company a "buy" rating in a report on Friday, May 8th. Benchmark started coverage on shares of Allegro MicroSystems in a research note on Wednesday, August 12th. They set a "buy" rating and a $60.00 price target on the stock. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings raised Allegro MicroSystems from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Allegro MicroSystems has a consensus rating of "Moderate Buy" and an average price target of $53.45.

Insider Transactions at Allegro MicroSystems

In other news, SVP Richard Madormo sold 5,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the transaction, the senior vice president directly owned 69,687 shares in the company, valued at $3,673,898.64. The trade was a 6.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Erin Hagen sold 2,285 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the sale, the senior vice president owned 31,052 shares of the company's stock, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.50% of the company's stock.

Allegro MicroSystems Trading Up 1.9%

Shares of ALGM stock opened at $37.59 on Friday. The company has a market capitalization of $7.01 billion, a P/E ratio of 626.60, a price-to-earnings-growth ratio of 1.16 and a beta of 1.94. The company has a current ratio of 3.70, a quick ratio of 2.33 and a debt-to-equity ratio of 0.30. The business's 50 day moving average is $48.18 and its two-hundred day moving average is $43.42. Allegro MicroSystems, Inc. has a twelve month low of $22.41 and a twelve month high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The firm had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. During the same period last year, the firm posted $0.09 EPS. Allegro MicroSystems's quarterly revenue was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Equities analysts forecast that Allegro MicroSystems, Inc. will post 0.65 EPS for the current year.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc NASDAQ: ALGM is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro's product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.

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