Voya Investment Management LLC Lowers Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Voya Investment Management LLC decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 6.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 14,918 shares of the company’s stock after selling 1,050 shares during the period. Voya Investment Management LLC’s holdings in Allegro MicroSystems were worth $326,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in 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 period. Capital Research Global Investors lifted its stake in shares of Allegro MicroSystems by 6.5% during the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after purchasing an additional 353,776 shares during the last quarter. Wellington Management Group LLP boosted its position in Allegro MicroSystems by 30.5% during 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 in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in 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 worth $59,756,000 after purchasing an additional 911,993 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALGM. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reduced their target price on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday. Mizuho increased their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Barclays boosted their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, UBS Group increased their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.44.

Allegro MicroSystems Stock Performance

ALGM opened at $22.33 on Monday. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The firm has a 50 day moving average of $22.60 and a two-hundred day moving average of $22.73. The firm has a market capitalization of $4.11 billion, a PE ratio of -63.80 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period last year, the firm earned $0.25 EPS. The firm’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.