Allient Inc. $ALNT Position Cut by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates reduced its Allient position by 13.9% in the third quarter, selling 15,594 shares and retaining 96,375 shares worth approximately $10.8 million. Institutional investors collectively own 61.57% of the company.
• Analyst sentiment remains positive but has softened, with recent downgrades from JPMorgan, Wall Street Zen, and Zacks. Allient carries a consensus “Moderate Buy” rating and an average price target of $84.
• Allient’s latest quarterly results exceeded expectations, reporting $0.80 EPS versus the $0.61 consensus and revenue of $153.77 million. Shares opened at $97.46, while the company continues paying a quarterly dividend of $0.04 per share.

Pinnacle Associates Ltd. lowered its position in shares of Allient Inc. (NASDAQ:ALNT - Free Report) by 13.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,375 shares of the company's stock after selling 15,594 shares during the quarter. Pinnacle Associates Ltd. owned about 0.57% of Allient worth $10,755,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Allient in the 2nd quarter worth approximately $128,774,000. Jennison Associates LLC raised 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 acquiring an additional 186,316 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Allient during the 2nd quarter valued at approximately $9,051,000. Deutsche Bank AG acquired a new stake in shares of Allient during the 2nd quarter valued at approximately $6,813,000. Finally, Sei Investments Co. lifted its stake in Allient by 87.9% during the first 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 last quarter. Institutional investors own 61.57% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on ALNT. Wall Street Zen downgraded shares of Allient from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 19th. 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 report on Tuesday, October 13th. Weiss Ratings raised shares of Allient from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Finally, Zacks Research downgraded shares of Allient from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 6th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $84.00.

Allient Trading Up 4.9%

Shares of NASDAQ ALNT opened at $97.46 on Thursday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 57.33 and a beta of 1.58. Allient Inc. has a 12-month low of $44.30 and a 12-month high of $121.42. 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 stock's 50 day simple moving average is $102.02 and its 200 day simple moving average is $89.34.

Allient (NASDAQ:ALNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.19. The business had revenue of $153.77 million during the quarter, compared to analyst estimates of $145.68 million. Allient had a return on equity of 13.55% and a net margin of 4.98%. Equities research analysts expect that Allient Inc. will post 2.72 EPS for the current year.

Allient Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a $0.04 dividend. 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 (DPR) is presently 9.41%.

Insider Transactions at Allient

In other Allient news, CEO Richard Warzala sold 70,000 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $113.58, for a total value of $7,950,600.00. Following the sale, the chief executive officer directly owned 1,499,106 shares in the company, valued at approximately $170,268,459.48. This trade represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 15.00% of the company's stock.

Allient 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.

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