Comerica Bank Has $6.87 Million Position in Allegro MicroSystems, Inc. $ALGM

Key Points

• Comerica Bank reduced its stake in Allegro MicroSystems by 58.0%, selling 376,565 shares, and now holds approximately 273,170 shares worth $6.87 million.
• A range of institutional investors have also adjusted their positions in Allegro MicroSystems, with notable increases including Fifth Third Bancorp and UMB Bank n.a., which raised their stakes by 63.7% and 68.6% respectively.
• The company's stock has recently been rated with a consensus price target of $37.56, with multiple analysts upgrading their ratings and target prices for Allegro MicroSystems.

Comerica Bank decreased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 58.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 273,170 shares of the company's stock after selling 376,565 shares during the period. Comerica Bank owned 0.15% of Allegro MicroSystems worth $6,865,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ALGM. Invesco Ltd. boosted its holdings in shares of Allegro MicroSystems by 131.5% during the first quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock worth $121,520,000 after purchasing an additional 2,746,880 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Allegro MicroSystems during the first quarter worth about $32,959,000. Meridiem Capital Partners LP purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $25,140,000. Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Finally, Kettle Hill Capital Management LLC bought a new stake in Allegro MicroSystems in the fourth quarter valued at about $17,991,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

ALGM traded down $1.16 during midday trading on Monday, reaching $30.85. 1,204,008 shares of the company's stock were exchanged, compared to its average volume of 1,336,547. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of -83.38 and a beta of 1.74. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45. The business has a 50-day simple moving average of $33.34 and a two-hundred day simple moving average of $27.68.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.09 EPS for the quarter, hitting analysts' consensus estimates of $0.09. The firm had revenue of $203.41 million during the quarter, compared to analysts' expectations of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The company's revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 earnings per share. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ALGM shares. Needham & Company LLC boosted their price objective on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Morgan Stanley cut their target price on Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Bank of America upped their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a research report on Thursday, July 10th. Mizuho increased their price objective on Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average target price of $37.56.

Insider Buying and Selling at Allegro MicroSystems

In other news, CAO Roald Graham Webster sold 8,266 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $32.81, for a total transaction of $271,207.46. Following the completion of the sale, the chief accounting officer owned 17,300 shares of the company's stock, valued at approximately $567,613. This trade represents a 32.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company's stock.

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.