Allient (NASDAQ:ALNT) Stock Price Up 11.3% Following Analyst Upgrade

Shares of Allient Inc. (NASDAQ:ALNT) rose 11.3% during trading on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $80.00 price target on the stock. Allient traded as high as $71.05 and last traded at $70.55. Approximately 46,096 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 182,339 shares. The stock had previously closed at $63.37.

Several other brokerages also recently commented on ALNT. Macquarie Infrastructure set a $80.00 target price on shares of Allient in a research note on Tuesday. Craig Hallum restated a “buy” rating and issued a $75.00 price objective on shares of Allient in a research report on Monday, March 9th. Weiss Ratings downgraded Allient from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen lowered Allient from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Lake Street Capital started coverage on Allient in a research note on Wednesday, February 18th. They issued a “buy” rating and a $79.00 target price for the company. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Portolan Capital Management LLC bought a new position in shares of Allient during the 3rd quarter worth approximately $11,530,000. Jennison Associates LLC boosted its holdings in Allient by 111.5% during the first quarter. Jennison Associates LLC now owns 353,430 shares of the company’s stock worth $20,884,000 after purchasing an additional 186,316 shares during the last quarter. Telemark Asset Management LLC acquired a new position in Allient during the fourth quarter worth $8,062,000. Hillsdale Investment Management Inc. bought a new position in Allient in the third quarter valued at $6,656,000. Finally, Marshall Wace LLP increased its stake in Allient by 1,291.3% in the 3rd quarter. Marshall Wace LLP now owns 153,819 shares of the company’s stock valued at $6,883,000 after buying an additional 142,763 shares during the last quarter. 61.57% of the stock is owned by institutional investors and hedge funds.

Allient Stock Up 11.3%

The firm’s 50 day simple moving average is $66.34 and its 200-day simple moving average is $61.48. The company has a current ratio of 3.73, a quick ratio of 2.15 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 49.34 and a beta of 1.65.

Allient (NASDAQ:ALNT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.05). The company had revenue of $138.92 million during the quarter, compared to the consensus estimate of $138.42 million. Allient had a net margin of 4.25% and a return on equity of 12.47%. Equities analysts expect that Allient Inc. will post 2.47 earnings per share for the current fiscal year.

Allient Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st will be paid a $0.04 dividend. This is a positive change from Allient’s previous quarterly dividend of $0.03. This represents a $0.16 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, May 21st. Allient’s dividend payout ratio is 11.19%.

About Allient

Allient Inc, together with its subsidiaries, designs, manufactures, and sells precision and specialty controlled motion components and systems for various industries in the United States, Canada, South America, Europe, and Asia-Pacific. It offers brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gearmotors, gearing, modular digital servo drives, motion controllers, optical encoders, active and passive filters, input/output modules, industrial communications gateways, light-weighting technologies, and other controlled motion-related products, as well as nano precision positioning systems, servo control systems, and digital servo amplifiers and drives.