Mutual of America Capital Management LLC Decreases Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mutual of America Capital Management LLC cut its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 17.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 69,005 shares of the company’s stock after selling 14,998 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Allegro MicroSystems were worth $1,508,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $47,000. KBC Group NV increased its stake in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems in the third quarter worth $172,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems in the third quarter worth $214,000. Finally, Prosperity Financial Group Inc. increased its stake in shares of Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after buying an additional 784 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on ALGM. Barclays lifted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Loop Capital began coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Morgan Stanley lifted their target price 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Stock Down 2.1 %

Shares of Allegro MicroSystems stock opened at $27.71 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a market cap of $5.10 billion, a P/E ratio of -79.17 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $24.34 and its two-hundred day simple moving average is $22.76.

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.