464,591 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Bought by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 464,591 shares of the company’s stock, valued at approximately $13,120,000. Fort Washington Investment Advisors Inc. OH owned 0.24% of Allegro MicroSystems at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ALGM. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems in the 4th quarter valued at $28,000. Versant Capital Management Inc raised its holdings in Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the period. Pineridge Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $49,000. Quadrant Capital Group LLC grew its position in Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after acquiring an additional 425 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel boosted its position in Allegro MicroSystems by 28.5% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock valued at $70,000 after buying an additional 502 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $24.53 on Friday. The firm has a market capitalization of $4.75 billion, a P/E ratio of 31.45 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.48 and a current ratio of 4.65. Allegro MicroSystems, Inc. has a one year low of $20.42 and a one year high of $38.81. The company’s fifty day moving average is $26.51 and its two-hundred day moving average is $28.09.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. Allegro MicroSystems’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. Analysts forecast that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALGM. Mizuho cut their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. Barclays reduced their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, May 10th. TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Jefferies Financial Group started coverage on shares of Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.63.

Insider Transactions at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems 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 directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

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