State of Michigan Retirement System Reduces Investment in Allegro MicroSystems, Inc.

The State of Michigan Retirement System has recently adjusted its investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by reducing its shareholding by 16.3% during the fourth quarter of the previous year. According to the latest filing with the Securities and Exchange Commission (SEC), the retirement system now holds 30,900 shares of the company after divesting 6,000 shares in this timeframe. The value of these holdings amounted to approximately $675,000 at the end of the most recent quarter.

In addition to the changes made by the State of Michigan Retirement System, several other institutional investors and hedge funds have also modified their stakes in Allegro MicroSystems. Notably, the New York State Teachers Retirement System significantly increased its position by 97.4% in the third quarter, now owning 22,900 shares valued at around $534,000 after acquiring an additional 11,300 shares. Van ECK Associates Corp established a new investment in the company during the same quarter, valued at about $172,000. Furthermore, Amalgamated Bank raised its stake by 99.1%, now holding 72,399 shares worth $1,687,000 after buying an extra 36,042 shares.

Principal Financial Group Inc. has also enhanced its investment in Allegro MicroSystems by 14.1% during the third quarter, increasing its ownership to 2,499,760 shares valued at $58,244,000 following an acquisition of 308,943 shares. Lastly, the State of New Jersey Common Pension Fund D acquired a new position in Allegro MicroSystems valued at approximately $1.89 million. Currently, institutional investors hold about 56.45% of Allegro MicroSystems' stock.

Analyst Insights on Allegro MicroSystems

Recently, various research firms have published their analyses of Allegro MicroSystems. Loop Capital initiated coverage of the stock on November 12, setting a “buy” rating with a target price of $30.00. On January 13, Wells Fargo & Company raised its price target from $23.00 to $27.00, also rating it as “overweight.” Similarly, Barclays increased its target price for Allegro from $25.00 to $30.00 and maintained an “overweight” rating in a report issued on January 17. Morgan Stanley adjusted their price target upwards from $21.00 to $23.00, giving the stock an “equal weight” rating as per their analysis published on February 3. Needham & Company also reaffirmed a “buy” rating with a price target of $30.00 in their report dated February 24. Currently, one analyst has provided a hold rating, while nine analysts recommend buying the stock, leading to an average rating of “Moderate Buy” with a consensus target price of $30.70 according to MarketBeat.com.

Current Trading Status of Allegro MicroSystems

As of Monday, NASDAQ ALGM shares opened at $27.71. Over the past year, Allegro MicroSystems’ stock has seen a low of $18.59 and a high of $33.26. The company features a debt-to-equity ratio of 0.40 and shows a quick ratio of 3.00 as well as a current ratio of 4.91. The market capitalization stands at approximately $5.10 billion, with a price-to-earnings ratio currently at -79.17 and a beta of 1.67. The stock's 50-day simple moving average is noted at $24.34, while the two-hundred-day average is at $22.75.

About Allegro MicroSystems

Allegro MicroSystems, Inc. specializes in designing, developing, manufacturing, and marketing integrated circuits (ICs) for sensors and application-specific analog power applications. The company’s product repertoire includes magnetic sensor ICs, which cover position, speed, and current sensing, along with various power ICs, such as motor driver ICs, LED driver ICs, and isolated gate drivers.

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