Allegro MicroSystems, Inc. (NASDAQ:ALGM) Position Reduced by Granite Investment Partners LLC

Granite Investment Partners LLC trimmed its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 195,458 shares of the company’s stock after selling 3,494 shares during the period. Granite Investment Partners LLC owned approximately 0.10% of Allegro MicroSystems worth $5,520,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after buying an additional 1,096 shares in the last quarter. Pineridge Advisors LLC bought a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $49,000. GAMMA Investing LLC boosted its holdings in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after buying an additional 603 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Allegro MicroSystems by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after acquiring an additional 425 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its position in shares of Allegro MicroSystems by 26,361.5% in the 4th quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock valued at $104,000 after purchasing an additional 3,427 shares during the period. 56.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. TD Cowen upped their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $33.00 target price on shares of Allegro MicroSystems in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.44.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Down 4.6 %

ALGM opened at $22.69 on Friday. The company has a market capitalization of $4.40 billion, a PE ratio of 29.09 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. Allegro MicroSystems, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $33.26. The business has a 50-day moving average of $24.35 and a 200-day moving average of $27.20.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company’s revenue for the quarter was down 40.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. Equities research analysts forecast that Allegro MicroSystems, Inc. will post 0.16 EPS for the current fiscal year.

Allegro MicroSystems Company 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.