Van ECK Associates Corp Raises Position in Allegro MicroSystems, Inc. $ALGM

Van ECK Associates Corp increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 68.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 70,504 shares of the company’s stock after purchasing an additional 28,738 shares during the quarter. Van ECK Associates Corp’s holdings in Allegro MicroSystems were worth $4,908,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ALGM. Royal Bank of Canada increased its position in Allegro MicroSystems by 70.0% in the first quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock worth $2,964,000 after buying an additional 48,554 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Allegro MicroSystems in the 1st quarter worth about $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Allegro MicroSystems by 31.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after acquiring an additional 85,607 shares during the period. Prudential Financial Inc. raised its stake in Allegro MicroSystems by 24.0% in the 2nd quarter. Prudential Financial Inc. now owns 15,684 shares of the company’s stock valued at $536,000 after acquiring an additional 3,040 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Allegro MicroSystems by 5.4% during the second quarter. First Trust Advisors LP now owns 576,478 shares of the company’s stock valued at $19,710,000 after purchasing an additional 29,531 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALGM shares. Weiss Ratings upgraded shares of Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. UBS Group raised their price objective on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, May 8th. TD Cowen reduced their price objective on shares of Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, Benchmark initiated coverage on Allegro MicroSystems in a research report on Wednesday, August 12th. They set a “buy” rating and a $60.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.45.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems Price Performance

ALGM stock opened at $35.47 on Thursday. The stock has a 50-day simple moving average of $46.41 and a two-hundred day simple moving average of $43.24. Allegro MicroSystems, Inc. has a twelve month low of $22.41 and a twelve month high of $71.77. The firm has a market capitalization of $6.61 billion, a PE ratio of 591.27, a PEG ratio of 1.12 and a beta of 1.91. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The firm had revenue of $259.24 million for the quarter, compared to the consensus estimate of $251.44 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Allegro MicroSystems Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.