HITE Hedge Asset Management LLC Sells 413,937 Shares of Adient $ADNT

HITE Hedge Asset Management LLC decreased its holdings in Adient (NYSE:ADNT) by 17.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,981,331 shares of the company’s stock after selling 413,937 shares during the period. Adient comprises approximately 2.6% of HITE Hedge Asset Management LLC’s holdings, making the stock its 13th largest holding. HITE Hedge Asset Management LLC’s holdings in Adient were worth $47,710,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas increased its stake in Adient by 441.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 69,085 shares of the company’s stock worth $1,664,000 after buying an additional 56,316 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Adient by 439.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,171,695 shares of the company’s stock valued at $22,801,000 after buying an additional 954,441 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in Adient by 241.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 146,486 shares of the company’s stock valued at $2,851,000 after buying an additional 103,603 shares during the period. Intech Investment Management LLC boosted its position in Adient by 257.4% in the 2nd quarter. Intech Investment Management LLC now owns 170,252 shares of the company’s stock valued at $3,313,000 after buying an additional 122,610 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Adient by 921.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 812,329 shares of the company’s stock worth $19,561,000 after acquiring an additional 732,837 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Adient Trading Down 5.3%

NYSE:ADNT opened at $20.08 on Friday. The firm has a 50-day simple moving average of $22.85 and a 200-day simple moving average of $22.29. Adient has a one year low of $10.04 and a one year high of $27.32. The firm has a market cap of $1.57 billion, a P/E ratio of -5.55, a P/E/G ratio of 0.46 and a beta of 1.56. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.88 and a current ratio of 1.09.

Adient (NYSE:ADNT) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.16. The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.45 billion. Adient had a negative net margin of 2.06% and a positive return on equity of 8.18%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. Equities analysts anticipate that Adient will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Stifel Nicolaus raised their target price on shares of Adient from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Wall Street Zen upgraded Adient from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of Adient in a research note on Wednesday, January 21st. Bank of America assumed coverage on Adient in a report on Wednesday, March 4th. They set an “underperform” rating and a $22.00 price objective on the stock. Finally, UBS Group lifted their target price on Adient from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.67.

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.