Cwm LLC Lowers Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Cwm LLC cut its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 13.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,684 shares of the company’s stock after selling 557 shares during the period. Cwm LLC’s holdings in Allegro MicroSystems were worth $86,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. State of Michigan Retirement System raised its holdings in Allegro MicroSystems by 2.3% during the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after acquiring an additional 400 shares during the period. Retirement Systems of Alabama increased its holdings in shares of Allegro MicroSystems by 0.4% in the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock worth $3,525,000 after purchasing an additional 537 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of Allegro MicroSystems by 1.7% in the first quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock worth $1,686,000 after purchasing an additional 1,019 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Trading Up 6.8 %

ALGM opened at $23.04 on Friday. The firm has a market cap of $4.46 billion, a P/E ratio of 29.54 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $19.71 and a 12 month high of $33.26. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average of $22.51 and a 200 day moving average of $26.09.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALGM. Mizuho set a $26.00 target price on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 target price on shares of Allegro MicroSystems in a report on Friday, August 2nd. Finally, UBS Group started coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.38.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 59,732,782 shares in the company, valued at $1,383,411,231.12. The trade was a 0.00 % 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. Company insiders own 0.50% of the company’s stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.