Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Allegro MicroSystems, Inc. $ALGM

Key Points

• Mitsubishi UFJ Asset Management bought 43,188 Allegro MicroSystems shares worth approximately $3.0 million during the second quarter. Several other institutions also initiated positions, with institutional investors collectively owning 56.45% of the stock.
• Allegro reported quarterly EPS of $0.23, exceeding the $0.21 consensus estimate, while revenue rose 27.5% year over year to $259.24 million. Despite the earnings beat, the stock opened at $37.16, well below its 50-day moving average of $49.65.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.45, compared with the reported share price.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 43,188 shares of the company's stock, valued at approximately $3,007,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Nippon Life Global Investors Americas Inc. bought a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $10,016,000. Global Retirement Partners LLC acquired a new stake in Allegro MicroSystems in the 2nd quarter worth approximately $289,000. Bank of New York Mellon Corp bought a new stake in Allegro MicroSystems during the second quarter worth approximately $49,914,000. State of Wyoming bought a new stake in Allegro MicroSystems during the second quarter worth approximately $2,247,000. Finally, GSA Capital Partners LLP acquired a new position in Allegro MicroSystems during the second quarter valued at approximately $246,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $37.16 on Friday. The business has a 50-day moving average price of $49.65 and a two-hundred day moving average price of $43.45. Allegro MicroSystems, Inc. has a 1-year low of $22.41 and a 1-year high of $71.77. The stock has a market capitalization of $6.93 billion, a P/E ratio of 619.44, a P/E/G ratio of 1.17 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.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) 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 analysts' expectations of $251.44 million. During the same period last year, the firm earned $0.09 earnings per share. The business's revenue for the quarter 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 predict that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGM. UBS Group boosted their price objective on Allegro MicroSystems from $52.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Jefferies Financial Group reissued a "buy" rating and set a $62.00 price objective on shares of Allegro MicroSystems in a report on Thursday, May 7th. Benchmark initiated coverage on shares of Allegro MicroSystems in a research report on Wednesday, August 12th. They set a "buy" rating and a $60.00 target price on the stock. Morgan Stanley upped their price target on Allegro MicroSystems from $51.00 to $52.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average target price of $53.45.

Insider Buying and Selling

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

Allegro MicroSystems 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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