Assenagon Asset Management S.A. Sells 357,321 Shares of Adient $ADNT

Key Points

• Assenagon Asset Management cut its Adient stake by 63%, selling 357,321 shares in the second quarter and retaining 209,832 shares worth approximately $3.86 million. Institutional investors collectively own 92.44% of the company.
• Analyst sentiment remains mixed: six analysts rate Adient a Buy, five a Hold, and one a Sell, resulting in an average rating of Hold and an average price target of $26.70.
• Adient’s latest quarterly revenue rose 4.3% year over year to $3.93 billion, but earnings per share of $0.48 missed expectations of $0.56. The stock opened at $18.68, near its 52-week low of $17.68.

Assenagon Asset Management S.A. reduced its stake in shares of Adient (NYSE:ADNT - Free Report) by 63.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,832 shares of the company's stock after selling 357,321 shares during the quarter. Assenagon Asset Management S.A. owned about 0.27% of Adient worth $3,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Leonteq Securities AG purchased a new position in shares of Adient during the fourth quarter valued at about $30,000. Quarry LP increased its holdings in shares of Adient by 163.9% in the third quarter. Quarry LP now owns 2,304 shares of the company's stock worth $55,000 after purchasing an additional 1,431 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Adient by 19.4% in the first quarter. Parallel Advisors LLC now owns 3,186 shares of the company's stock worth $64,000 after buying an additional 517 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Adient in the second quarter worth about $63,000. Finally, Los Angeles Capital Management LLC bought a new position in Adient during the fourth quarter valued at approximately $64,000. Institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADNT. BNP Paribas Exane raised Adient from a "neutral" rating to an "outperform" rating and set a $26.00 price objective on the stock in a research note on Thursday, July 30th. Wells Fargo & Company boosted their price target on shares of Adient from $28.00 to $32.00 and gave the stock an "overweight" rating in a research report on Thursday, June 25th. Wall Street Zen downgraded shares of Adient from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $28.00 price objective on shares of Adient in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Adient from $26.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given 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 $26.70.

Insider Activity at Adient

In related news, EVP Heather M. Tiltmann sold 22,000 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $22.71, for a total transaction of $499,620.00. Following the transaction, the executive vice president directly owned 110,886 shares in the company, valued at approximately $2,518,221.06. This represents a 16.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.94% of the company's stock.

Adient Stock Down 2.4%

NYSE ADNT opened at $18.68 on Thursday. The company has a quick ratio of 0.91, a current ratio of 1.10 and a debt-to-equity ratio of 1.18. The company has a fifty day moving average of $20.34 and a two-hundred day moving average of $21.49. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 31.13, a PEG ratio of 0.38 and a beta of 1.52. Adient has a 52 week low of $17.68 and a 52 week high of $27.32.

Adient (NYSE:ADNT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.08). Adient had a net margin of 0.32% and a return on equity of 7.32%. The firm had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.71 billion. During the same period in the prior year, the company posted $0.45 EPS. The company's revenue was up 4.3% compared to the same quarter last year. On average, analysts predict that Adient will post 2.04 earnings per share for the current year.

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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