Public Employees Retirement System of Ohio Lowers Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Public Employees Retirement System of Ohio lowered its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,685 shares of the company’s stock after selling 2,251 shares during the period. Public Employees Retirement System of Ohio’s holdings in Allegro MicroSystems were worth $933,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $15,145,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth $35,433,000. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock valued at $864,000 after buying an additional 8,075 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ALGM. Mizuho increased their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. UBS Group increased their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 9th. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Finally, Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.38.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $26.78 on Wednesday. The business’s fifty day moving average price is $22.46 and its 200-day moving average price is $23.30. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of -76.51 and a beta of 1.57. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $185.35 million. During the same period last year, the firm earned $0.25 EPS. Allegro MicroSystems’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

About Allegro MicroSystems

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.