Bank of New York Mellon Corp Decreases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of New York Mellon Corp reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 996,573 shares of the company's stock after selling 63,578 shares during the quarter. Bank of New York Mellon Corp owned about 0.54% of Allegro MicroSystems worth $25,044,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp grew its position 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 buying an additional 504 shares in the last quarter. UMB Bank n.a. grew its position in Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the fourth quarter worth about $40,000. Quarry LP acquired a new stake in Allegro MicroSystems during the fourth quarter worth about $79,000. Finally, GAMMA Investing LLC grew its position in Allegro MicroSystems by 144.3% during the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock worth $104,000 after buying an additional 2,454 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGM has been the subject of several research analyst reports. Needham & Company LLC dropped 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 report on Friday, May 9th. UBS Group boosted their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 7th. Mizuho upped their target price on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Barclays upped their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Buy" and an average price target of $33.63.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.83 during midday trading on Friday, hitting $36.62. The company's stock had a trading volume of 1,694,912 shares, compared to its average volume of 2,706,662. The stock has a fifty day moving average price of $30.79 and a 200 day moving average price of $25.96. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45. 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 firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -93.90 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the prior year, the firm posted $0.25 EPS. Allegro MicroSystems's revenue was down 19.9% on a year-over-year basis. On average, research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

About Allegro MicroSystems

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.