Allient (NASDAQ:ALNT) Shares Gap Up on Earnings Beat

Shares of Allient Inc. (NASDAQ:ALNT) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $79.56, but opened at $86.76. Allient shares last traded at $76.0750, with a volume of 203,332 shares traded.

The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.33. The firm had revenue of $164.40 million during the quarter, compared to the consensus estimate of $154.48 million. Allient had a return on equity of 13.55% and a net margin of 4.98%.

Allient Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 18th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.2%. The ex-dividend date is Wednesday, November 18th. Allient’s payout ratio is 9.41%.

Key Allient News

Here are the key news stories impacting Allient this week:

• Positive Sentiment: Allient earned $1.07 per share, above the $0.74 consensus and up from $0.59 a year earlier. Revenue was $164.4 million, also ahead of estimates near $154.5 million. The company described the quarter as delivering record revenue, margins and orders. Allient third-quarter results
• Positive Sentiment: Allient declared a quarterly dividend of $0.04 per share, or $0.16 annualized, with a stated yield of 0.2%. Shareholders of record November 18 are scheduled to be paid December 2.
• Neutral Sentiment: Shares may be facing a valuation headwind: a recent article characterized ALNT as potentially overvalued following a 209% three-year gain. Valuation article
• Negative Sentiment: ALNT traded lower even with the results beating estimates. The valuation concerns and potential profit-taking after the stock’s substantial multiyear rise may help explain the weakness; the available reports do not identify a specific negative earnings detail driving it.

Analyst Ratings Changes

ALNT has been the topic of several research reports. Zacks Research downgraded shares of Allient from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Wall Street Zen cut shares of Allient from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 19th. Weiss Ratings cut shares of Allient from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. Finally, JPMorgan Chase & Co. downgraded 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. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Allient has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Insider Buying and Selling

In other Allient news, CEO Richard Warzala sold 70,000 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $113.58, for a total transaction of $7,950,600.00. Following the transaction, the chief executive officer directly owned 1,499,106 shares in the company, valued at approximately $170,268,459.48. This represents a 4.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On Allient

A number of institutional investors have recently made changes to their positions in the company. Ethic Inc. acquired a new position in Allient in the 3rd quarter worth about $363,000. Kornitzer Capital Management Inc. KS raised its stake in shares of Allient by 16.9% in the third quarter. Kornitzer Capital Management Inc. KS now owns 59,059 shares of the company’s stock valued at $6,591,000 after buying an additional 8,534 shares during the period. CenterBook Partners LP purchased a new stake in shares of Allient during the third quarter worth $452,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Allient in the 3rd quarter valued at $289,000. Finally, State of Wyoming grew its stake in Allient by 55.4% in the 3rd quarter. State of Wyoming now owns 3,687 shares of the company’s stock worth $411,000 after buying an additional 1,314 shares in the last quarter. Institutional investors own 61.57% of the company’s stock.

Allient Stock Down 4.3%

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 3.42. The stock has a 50-day moving average of $99.28 and a two-hundred day moving average of $82.72. The company has a market cap of $1.29 billion, a P/E ratio of 44.97 and a beta of 1.62.

About Allient

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.