Pacer Advisors Inc. Trims Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Pacer Advisors Inc. cut its stake in Allegro MicroSystems by 78%, holding 13,043 shares valued at $328,000 after selling 46,323 shares during the 1st quarter.
• Several hedge funds, including Fifth Third Bancorp and UMB Bank n.a., increased their holdings in Allegro MicroSystems significantly during the same period, contributing to 56.45% of the stock being held by institutional investors.
• Allegro MicroSystems reported earnings of $0.09 per share for the last quarter, meeting expectations, with revenue up 21.9% year-over-year, totaling $203.41 million.

Pacer Advisors Inc. lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 78.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 13,043 shares of the company's stock after selling 46,323 shares during the quarter. Pacer Advisors Inc.'s holdings in Allegro MicroSystems were worth $328,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Fifth Third Bancorp lifted 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 purchasing an additional 504 shares during the period. UMB Bank n.a. grew its holdings in Allegro MicroSystems by 68.6% in 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 period. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale purchased a new stake in Allegro MicroSystems in the 1st quarter worth $71,000. Finally, Quarry LP purchased a new position in Allegro MicroSystems during the fourth quarter valued at $79,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC boosted their price target on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday. TD Cowen reduced their price target on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Friday. UBS Group raised their price objective on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Morgan Stanley decreased their target price on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating on the stock in a report on Friday. Finally, Mizuho raised their price target on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $37.56.

Allegro MicroSystems Trading Up 0.7%

NASDAQ ALGM traded up $0.21 during trading on Monday, hitting $31.47. The stock had a trading volume of 1,287,492 shares, compared to its average volume of 2,921,312. The firm has a 50 day moving average price of $32.27 and a 200 day moving average price of $26.70. 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 twelve month low of $16.38 and a twelve month high of $38.45. The company has a market capitalization of $5.82 billion, a PE ratio of -85.05 and a beta of 1.74.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The business had revenue of $203.41 million for the quarter, compared to analysts' expectations of $197.82 million. During the same period last year, the firm earned $0.03 earnings per share. The company's revenue for the quarter was up 21.9% compared to the same quarter last year. As a group, equities research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

About Allegro MicroSystems

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.