The Manufacturers Life Insurance Company Makes New $6.38 Million Investment in Allegro MicroSystems, Inc. $ALGM

Key Points

• The Manufacturers Life Insurance Company opened a new Allegro MicroSystems position worth approximately $6.38 million, purchasing 91,616 shares. Institutional investors collectively own 56.45% of the company.
• Allegro reported quarterly EPS of $0.23, beating estimates by $0.02, while revenue rose 27.5% year over year to $259.24 million. Analysts expect $0.65 in EPS for the current fiscal year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $53.45, despite the stock opening at $35.77 and recent insider share sales.

The Manufacturers Life Insurance Company purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 91,616 shares of the company's stock, valued at approximately $6,378,000.

A number of other institutional investors also recently modified their holdings of ALGM. Rakuten Securities Inc. acquired a new stake in shares of Allegro MicroSystems during the second quarter worth $31,000. Parallel Advisors LLC lifted its holdings in Allegro MicroSystems by 42.8% in the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company's stock valued at $32,000 after buying an additional 302 shares during the period. Kestra Advisory Services LLC bought a new stake in Allegro MicroSystems during the fourth quarter valued at $34,000. CIBC Private Wealth Group LLC boosted its position in Allegro MicroSystems by 14,844.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company's stock valued at $35,000 after acquiring an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Allegro MicroSystems by 85.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company's stock worth $38,000 after acquiring an additional 669 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $35.77 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. The firm has a 50-day moving average of $47.71 and a 200-day moving average of $43.38. The company has a market cap of $6.67 billion, a PE ratio of 596.27, a PEG ratio of 1.13 and a beta of 1.94. Allegro MicroSystems, Inc. has a one year low of $22.41 and a one year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.02. The company had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The firm's revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. As a group, equities research analysts expect that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Jefferies Financial Group reaffirmed a "buy" rating and set a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Benchmark initiated coverage on Allegro MicroSystems in a report on Wednesday, August 12th. They issued a "buy" rating and a $60.00 target price for the company. TD Cowen dropped their price target on Allegro MicroSystems from $66.00 to $48.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded Allegro MicroSystems from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.45.

Insider Activity at Allegro MicroSystems

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

Allegro MicroSystems Company 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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