Adient (NYSE:ADNT) Shares Gap Up Following Strong Earnings

Adient (NYSE:ADNT) shares gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.67, but opened at $22.94. Adient shares last traded at $22.2470, with a volume of 81,356 shares traded.

The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.08. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.62 billion. Adient had a positive return on equity of 8.18% and a negative net margin of 2.06%.The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 earnings per share.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADNT. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Adient in a research note on Friday, April 17th. UBS Group raised their target price on Adient from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Barclays decreased their target price on Adient from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Monday, March 30th. Morgan Stanley raised their target price on Adient from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Finally, Wall Street Zen upgraded Adient from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Adient presently has a consensus rating of “Hold” and an average price target of $27.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in Adient by 12.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,383 shares of the company’s stock worth $237,000 after acquiring an additional 1,221 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Adient by 3.1% in the first quarter. Illinois Municipal Retirement Fund now owns 46,366 shares of the company’s stock worth $937,000 after acquiring an additional 1,379 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Adient by 18.8% in the first quarter. Principal Financial Group Inc. now owns 448,624 shares of the company’s stock worth $9,067,000 after acquiring an additional 71,055 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Adient by 7.1% in the first quarter. Hsbc Holdings PLC now owns 73,343 shares of the company’s stock worth $1,462,000 after acquiring an additional 4,866 shares in the last quarter. Finally, Saxon Interests Inc. bought a new position in shares of Adient in the first quarter valued at approximately $654,000. Institutional investors own 92.44% of the company’s stock.

Adient Stock Up 4.9%

The company has a debt-to-equity ratio of 1.17, a current ratio of 1.09 and a quick ratio of 0.88. The stock has a fifty day moving average price of $21.27 and a two-hundred day moving average price of $21.33. The company has a market cap of $1.70 billion, a P/E ratio of -6.08, a price-to-earnings-growth ratio of 0.47 and a beta of 1.48.

Adient Company Profile

Adient plc (NYSE: ADNT) is a leading global supplier of automotive seating and interior components. Established in 2016 through a spin-off from Johnson Controls, the company designs, engineers and manufactures complete seat assemblies, seat structures, mechanisms, foams, textiles, trim and electronics. Adient’s product portfolio spans a wide range of seating solutions, from entry-level designs to luxury and high-performance seats, and extends to interior modules such as door panels and center consoles.

Serving major original equipment manufacturers (OEMs) around the world, Adient works closely with automakers to develop lightweight, comfortable and safety-oriented seating systems.