Oak Thistle LLC Increases Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Oak Thistle LLC grew its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 97.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,618 shares of the company's stock after acquiring an additional 28,930 shares during the quarter. Oak Thistle LLC's holdings in Allegro MicroSystems were worth $1,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Fifth Third Bancorp lifted its holdings in Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. lifted its holdings in Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter valued at about $40,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Allegro MicroSystems during the first quarter valued at about $71,000. Finally, Quarry LP bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at about $79,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGM. Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. UBS Group raised their price objective on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Needham & Company LLC lowered their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Wells Fargo & Company reissued an "overweight" rating and set a $42.00 price objective (up previously from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. Finally, Bank of America raised their price objective 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. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $33.63.

Allegro MicroSystems Trading Up 2.9%

Allegro MicroSystems stock traded up $0.94 during mid-day trading on Friday, hitting $33.70. The company's stock had a trading volume of 1,944,295 shares, compared to its average volume of 2,315,880. The company has a 50 day moving average of $31.61 and a 200-day moving average of $26.34. The stock has a market cap of $6.23 billion, a PE ratio of -86.41 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45.

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

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.