Allegro MicroSystems, Inc. (NASDAQ:ALGM) Holdings Cut by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 48.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 132,115 shares of the company's stock after selling 124,752 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.07% of Allegro MicroSystems worth $3,320,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ALGM. Fifth Third Bancorp raised its stake in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after acquiring an additional 504 shares during the period. UMB Bank n.a. boosted its position in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after buying an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $40,000. DekaBank Deutsche Girozentrale purchased a new position in Allegro MicroSystems in the 1st quarter valued at about $71,000. Finally, Quarry LP purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $79,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 2.4%

Shares of ALGM traded down $0.76 during midday trading on Thursday, hitting $31.10. The company had a trading volume of 915,670 shares, compared to its average volume of 1,918,563. The company's 50 day moving average price is $33.06 and its 200 day moving average price is $27.02. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 318.60 and a beta of 1.74. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $38.45. 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 (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. The company had revenue of $203.41 million during the quarter, compared to the consensus estimate 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 was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. On average, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC upped their price objective on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wells Fargo & Company reissued an "overweight" rating and issued a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. Bank of America upped their price objective 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. UBS Group upped their price objective 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. Finally, Morgan Stanley decreased their price objective on shares of 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. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target 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.