The Manufacturers Life Insurance Company Sells 2,050,641 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

The Manufacturers Life Insurance Company reduced its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 95.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,281 shares of the company's stock after selling 2,050,641 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Allegro MicroSystems worth $2,236,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ALGM. JPMorgan Chase & Co. grew its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Norges Bank bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $26,926,000. Wellington Management Group LLP raised its position in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after purchasing an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. raised its position in shares of Allegro MicroSystems by 50.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock valued at $59,756,000 after purchasing an additional 911,993 shares during the period. Finally, Talos Asset Management LP purchased a new position in Allegro MicroSystems during the fourth quarter valued at approximately $16,245,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Up 0.9%

NASDAQ:ALGM traded up $0.24 during midday trading on Friday, reaching $27.26. 612,797 shares of the stock traded hands, compared to its average volume of 2,562,240. The company has a fifty day moving average of $22.54 and a 200 day moving average of $22.82. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. 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 stock has a market capitalization of $5.02 billion, a P/E ratio of -77.84 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted 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 negative net margin of 8.45% and a positive return on equity of 4.31%. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same period in the prior year, the business posted $0.25 EPS. The firm's revenue was down 19.9% compared to the same quarter last year. On average, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. UBS Group boosted their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Finally, Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.38.

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.