Principal Financial Group Inc. Buys 144,824 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,416,102 shares of the company's stock after acquiring an additional 144,824 shares during the period. Principal Financial Group Inc. owned approximately 1.31% of Allegro MicroSystems worth $60,717,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Mackenzie Financial Corp boosted its holdings in shares of Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after acquiring an additional 491 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after acquiring an additional 504 shares during the period. UMB Bank n.a. boosted its holdings in shares of Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after acquiring an additional 578 shares during the period. Keybank National Association OH boosted its holdings in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after acquiring an additional 1,522 shares during the period. Finally, Pictet Asset Management Holding SA boosted its holdings in shares of Allegro MicroSystems by 10.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after acquiring an additional 1,687 shares during the period. 56.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

ALGM has been the topic of a number of recent analyst reports. Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Bank of America initiated coverage on Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 price objective on the stock. Morgan Stanley increased their price objective on 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 increased their price objective on Allegro MicroSystems from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $33.00 price objective (up previously from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.00.

Allegro MicroSystems Trading Up 0.7%

NASDAQ ALGM opened at $35.98 on Friday. The stock's 50-day simple moving average is $27.43 and its two-hundred day simple moving average is $24.96. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $36.08. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of -92.24 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share 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 business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same quarter last year, the business posted $0.25 earnings per share. The company's revenue for the quarter was down 19.9% on a year-over-year basis. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Allegro MicroSystems 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.

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