Kettle Hill Capital Management LLC Acquires New Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Kettle Hill Capital Management LLC purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 823,001 shares of the company's stock, valued at approximately $17,991,000. Allegro MicroSystems comprises 3.9% of Kettle Hill Capital Management LLC's investment portfolio, making the stock its 10th biggest position. Kettle Hill Capital Management LLC owned 0.45% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALGM. Barclays PLC boosted its stake in shares of Allegro MicroSystems by 88.1% in the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after buying an additional 35,417 shares during the last quarter. Principal Financial Group Inc. boosted its position in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after purchasing an additional 308,943 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. Oak Thistle LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $649,000. Finally, Avior Wealth Management LLC lifted its stake in shares of Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after purchasing an additional 737 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Price Performance

ALGM traded up $0.09 during trading on Wednesday, reaching $26.39. 296,105 shares of the company traded hands, compared to its average volume of 2,547,006. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The firm has a fifty day simple moving average of $22.52 and a 200 day simple moving average of $22.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The company has a market cap of $4.86 billion, a P/E ratio of -75.31 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the prior year, the firm earned $0.25 EPS. The business's revenue was down 19.9% on a year-over-year basis. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ALGM. Mizuho upped their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. UBS Group raised their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Barclays boosted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $27.38.

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.