Allient (NASDAQ:ALNT) Stock Price Down 10.4% – Here’s Why

Allient Inc. (NASDAQ:ALNT)’s stock price traded down 10.4% on Thursday. The company traded as low as $89.40 and last traded at $87.30. Approximately 45,890 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 223,067 shares. The stock had previously closed at $97.46.

Analyst Upgrades and Downgrades

ALNT has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Allient from an “overweight” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research note on Tuesday, October 13th. Wall Street Zen downgraded shares of Allient from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 19th. Weiss Ratings upgraded shares of Allient from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Zacks Research lowered shares of Allient from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.00.

Allient Stock Performance

The firm has a market capitalization of $1.47 billion, a PE ratio of 50.69 and a beta of 1.58. The company has a current ratio of 3.42, a quick ratio of 1.95 and a debt-to-equity ratio of 0.56. The business’s 50 day simple moving average is $102.02 and its two-hundred day simple moving average is $89.34.

Allient (NASDAQ:ALNT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.19. The firm had revenue of $153.77 million for the quarter, compared to analysts’ expectations of $145.68 million. Allient had a return on equity of 13.55% and a net margin of 4.98%. Research analysts expect that Allient Inc. will post 2.72 earnings per share for the current fiscal year.

Allient Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Wednesday, August 19th. Allient’s dividend payout ratio is 9.41%.

Insider Buying and Selling

In related news, CEO Richard Warzala sold 70,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $113.58, for a total transaction of $7,950,600.00. Following the completion of the sale, the chief executive officer owned 1,499,106 shares in the company, valued at approximately $170,268,459.48. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ALNT. BlackRock Inc. purchased a new position in Allient in the second quarter worth about $128,774,000. Jennison Associates LLC increased its position in shares of Allient by 111.5% during the 1st quarter. Jennison Associates LLC now owns 353,430 shares of the company’s stock valued at $20,884,000 after purchasing an additional 186,316 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Allient during the 2nd quarter valued at about $9,051,000. Deutsche Bank AG purchased a new stake in shares of Allient during the 2nd quarter valued at about $6,813,000. Finally, Sei Investments Co. lifted its stake in shares of Allient by 87.9% in the 1st quarter. Sei Investments Co. now owns 55,424 shares of the company’s stock worth $3,275,000 after purchasing an additional 25,935 shares during the period. 61.57% of the stock is owned by hedge funds and other institutional investors.

Allient Company Profile

Allient Inc (NASDAQ: ALNT) designs and manufactures precision and engineered products that control motion, power, and electromagnetic energy. Its portfolio includes motors, motion-control systems, electronic controls, power electronics, magnetic components, and related assemblies used in demanding industrial applications.

The company serves customers in markets such as medical equipment, aerospace and defense, industrial automation, robotics, transportation, and other specialized equipment industries.