Buckley Wealth Management LLC Acquires New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Buckley Wealth Management LLC purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,514 shares of the company’s stock, valued at approximately $249,000.

Several other institutional investors have also modified their holdings of ALGM. Raymond James & Associates increased its stake in shares of Allegro MicroSystems by 6.3% during the first quarter. Raymond James & Associates now owns 43,038 shares of the company’s stock worth $1,222,000 after buying an additional 2,550 shares during the period. US Bancorp DE raised its holdings in shares of Allegro MicroSystems by 981.5% in the 1st quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after purchasing an additional 2,228 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Allegro MicroSystems by 201.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in shares of Allegro MicroSystems during the first quarter worth $317,000. Finally, MetLife Investment Management LLC purchased a new position in Allegro MicroSystems in the first quarter valued at $74,000. Institutional investors and hedge funds own 50.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ALGM shares. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $52.00 to $60.00 in a report on Wednesday, July 26th. Barclays upped their price objective on shares of Allegro MicroSystems from $50.00 to $60.00 in a research note on Thursday, July 20th. Wolfe Research started coverage on Allegro MicroSystems in a research report on Wednesday, July 19th. They issued a “market perform” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Allegro MicroSystems in a research report on Wednesday, August 9th. Finally, Mizuho increased their price objective on Allegro MicroSystems from $50.00 to $56.00 in a report on Thursday, July 20th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.33.

Allegro MicroSystems Stock Up 1.3 %

ALGM stock opened at $33.20 on Tuesday. Allegro MicroSystems, Inc. has a one year low of $19.80 and a one year high of $53.05. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.43 and a current ratio of 4.56. The company has a fifty day moving average of $41.71 and a 200-day moving average of $41.91. The stock has a market capitalization of $6.39 billion, a PE ratio of 27.21 and a beta of 1.80.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Tuesday, August 1st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.02. Allegro MicroSystems had a return on equity of 26.17% and a net margin of 23.67%. The company had revenue of $278.29 million for the quarter, compared to analysts’ expectations of $275.00 million. As a group, analysts expect that Allegro MicroSystems, Inc. will post 1.25 EPS for the current year.

Insiders Place Their Bets

In other Allegro MicroSystems news, CFO Derek D’antilio acquired 1,488 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were acquired at an average cost of $33.63 per share, for a total transaction of $50,041.44. Following the transaction, the chief financial officer now directly owns 142,899 shares of the company’s stock, valued at $4,805,693.37. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Joseph R. Martin sold 17,000 shares of Allegro MicroSystems stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $38.73, for a total transaction of $658,410.00. Following the completion of the sale, the director now owns 22,374 shares in the company, valued at approximately $866,545.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Derek D’antilio purchased 1,488 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were purchased at an average cost of $33.63 per share, for a total transaction of $50,041.44. Following the completion of the purchase, the chief financial officer now directly owns 142,899 shares in the company, valued at $4,805,693.37. The disclosure for this purchase can be found here. 9.70% of the stock is owned by company insiders.

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