JPMorgan Chase & Co. Cuts Stock Position in Allegro MicroSystems, Inc. $ALGM

Key Points

• JPMorgan Chase & Co. has reduced its stake in Allegro MicroSystems by 14.6%, now owning approximately 4.89% of the company worth around $226 million after selling over 1.5 million shares.
• Several hedge funds have also increased their holdings in Allegro MicroSystems, with Barclays PLC growing its position by 106.7% during the fourth quarter.
• Allegro MicroSystems' stock has received multiple upgrades from analysts, with UBS raising its price target to $42.00 and maintaining a "buy" rating, while the average target price across analysts is $37.56.

JPMorgan Chase & Co. lowered its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 14.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,995,806 shares of the company's stock after selling 1,535,701 shares during the period. JPMorgan Chase & Co. owned approximately 4.89% of Allegro MicroSystems worth $226,065,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of ALGM. Capital Research Global Investors increased its stake in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after acquiring an additional 353,776 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after purchasing an additional 911,993 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Allegro MicroSystems by 6.4% during the 1st quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company's stock worth $60,717,000 after purchasing an additional 144,824 shares during the last quarter. Finally, Paloma Partners Management Co boosted its stake in Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after buying an additional 1,594,170 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Up 0.5%

NASDAQ:ALGM traded up $0.15 during mid-day trading on Monday, hitting $30.85. The stock had a trading volume of 371,693 shares, compared to its average volume of 2,808,449. The stock has a 50-day simple moving average of $33.16 and a two-hundred day simple moving average of $27.18. The company has a market capitalization of $5.71 billion, a PE ratio of -83.21 and a beta of 1.74. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $38.45. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $203.41 million for 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 firm's revenue 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. On average, equities research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on ALGM shares. Zacks Research raised shares of Allegro MicroSystems to a "hold" rating in a research note on Monday, August 11th. Needham & Company LLC lifted their target price on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Bank of America lifted their target price on 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 dropped 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. Finally, TD Cowen dropped their target price on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems has a consensus rating of "Moderate Buy" and a consensus target price of $37.56.

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.