Assenagon Asset Management S.A. Decreases Position in Adient $ADNT

Key Points

• Assenagon Asset Management cut its Adient stake by 28.3% in the first quarter, selling 224,346 shares and leaving it with 567,153 shares valued at about $11.46 million.
• Wall Street sentiment is mixed: recent analyst actions included higher price targets from Wells Fargo, Citigroup, and UBS, but JPMorgan trimmed its target. Overall, Adient carries an average “Hold” rating with a $28.44 target price.
• Adient’s latest results topped expectations, with Q1 EPS of $0.52 versus $0.44 expected and revenue of $3.87 billion versus $3.62 billion expected. The company also noted year-over-year revenue growth of 7.0%.

Assenagon Asset Management S.A. lowered its stake in shares of Adient (NYSE:ADNT - Free Report) by 28.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 567,153 shares of the company's stock after selling 224,346 shares during the quarter. Assenagon Asset Management S.A. owned 0.72% of Adient worth $11,462,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ADNT. GAMMA Investing LLC lifted its position in shares of Adient by 17.2% during the 4th quarter. GAMMA Investing LLC now owns 5,199 shares of the company's stock worth $100,000 after purchasing an additional 764 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Adient by 9.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 10,162 shares of the company's stock valued at $193,000 after buying an additional 866 shares during the last quarter. Corient Private Wealth LLC raised its stake in Adient by 5.2% in the fourth quarter. Corient Private Wealth LLC now owns 18,117 shares of the company's stock valued at $347,000 after buying an additional 899 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Adient by 1.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 92,947 shares of the company's stock valued at $1,782,000 after buying an additional 1,065 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in Adient by 12.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 12,231 shares of the company's stock worth $234,000 after buying an additional 1,353 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ADNT shares. Wells Fargo & Company upped their target price on shares of Adient from $28.00 to $32.00 and gave the company an "overweight" rating in a report on Thursday. Weiss Ratings upgraded shares of Adient from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday, May 13th. Citigroup raised shares of Adient from a "neutral" rating to a "buy" rating and boosted their price target for the company from $30.00 to $33.00 in a research report on Wednesday, April 15th. JPMorgan Chase & Co. decreased their price objective on shares of Adient from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, April 23rd. Finally, UBS Group raised their price objective on Adient from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Adient presently has an average rating of "Hold" and an average target price of $28.44.

Adient Price Performance

Adient stock opened at $19.91 on Friday. Adient has a one year low of $17.70 and a one year high of $27.32. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.91 and a current ratio of 1.10. The business has a fifty day moving average of $21.69 and a two-hundred day moving average of $21.53. The company has a market cap of $1.56 billion, a P/E ratio of 28.04, a price-to-earnings-growth ratio of 0.39 and a beta of 1.50.

Adient (NYSE:ADNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.08. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.62 billion. Adient had a net margin of 0.39% and a return on equity of 7.28%. The company's revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. As a group, analysts predict that Adient will post 2.1 earnings per share for the current fiscal year.

Insider Activity at Adient

In related news, EVP Heather M. Tiltmann sold 22,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $22.71, for a total transaction of $499,620.00. Following the sale, the executive vice president owned 110,886 shares in the company, valued at approximately $2,518,221.06. This trade represents a 16.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.94% of the stock is currently owned by insiders.

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.

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