HITE Hedge Asset Management LLC Reduces Holdings in Adient plc (NYSE:ADNT)

HITE Hedge Asset Management LLC trimmed its stake in Adient plc (NYSE:ADNT) by 28.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 367,014 shares of the company’s stock after selling 145,689 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Adient were worth $8,284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ADNT. CWM LLC raised its holdings in shares of Adient by 44.5% during the second quarter. CWM LLC now owns 1,439 shares of the company’s stock worth $36,000 after acquiring an additional 443 shares in the last quarter. US Bancorp DE raised its position in shares of Adient by 583.8% in the third quarter. US Bancorp DE now owns 1,860 shares of the company’s stock valued at $42,000 after buying an additional 1,588 shares in the last quarter. Signaturefd LLC boosted its position in Adient by 493.8% in the third quarter. Signaturefd LLC now owns 2,191 shares of the company’s stock valued at $49,000 after buying an additional 1,822 shares in the last quarter. KBC Group NV increased its stake in Adient by 51.8% in the third quarter. KBC Group NV now owns 3,328 shares of the company’s stock valued at $75,000 after purchasing an additional 1,136 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Adient by 23.2% in the third quarter. Covestor Ltd now owns 5,482 shares of the company’s stock valued at $124,000 after acquiring an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADNT. Wolfe Research assumed coverage on shares of Adient in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. StockNews.com upgraded Adient from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Wells Fargo & Company cut their price objective on Adient from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, September 20th. Bank of America lowered Adient from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $30.00 to $24.00 in a report on Thursday, November 21st. Finally, UBS Group cut their price objective on Adient from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.38.

Adient Stock Performance

Shares of Adient stock opened at $20.28 on Tuesday. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 88.17, a PEG ratio of 0.32 and a beta of 2.18. Adient plc has a one year low of $18.53 and a one year high of $37.19. The business’s 50 day moving average price is $20.91 and its 200 day moving average price is $23.06. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.90 and a current ratio of 1.11.

Adient (NYSE:ADNT) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.47 billion. Adient had a return on equity of 6.86% and a net margin of 0.12%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period last year, the company earned $0.51 EPS. On average, research analysts predict that Adient plc will post 2.04 EPS for the current year.

Adient Company Profile

Adient plc engages in the design, development, manufacture, and market of seating systems and components for passenger cars, commercial vehicles, and light trucks. The company's automotive seating solutions include complete seating systems, frames, mechanisms, foams, head restraints, armrests, and trim covers.