Engineers Gate Manager LP Has $1.89 Million Stock Holdings in Adient $ADNT

Key Points

• Engineers Gate Manager LP cut its Adient stake by 55.7% in the second quarter, selling 129,283 shares and retaining 102,755 shares worth approximately $1.89 million. Institutional investors and hedge funds collectively own 92.44% of Adient.
• Analyst sentiment remains mixed: JPMorgan upgraded Adient to overweight while lowering its price target to $25, and other firms issued varying ratings. The stock has an overall consensus rating of Hold with a $26.30 target price.
• Adient shares opened at $18.36, near their 12-month low, after the company reported quarterly EPS of $0.48—below the $0.56 consensus estimate—despite revenue of $3.93 billion, up 4.3% year over year.

Engineers Gate Manager LP trimmed its stake in shares of Adient (NYSE:ADNT - Free Report) by 55.7% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 102,755 shares of the company's stock after selling 129,283 shares during the quarter. Engineers Gate Manager LP owned about 0.13% of Adient worth $1,889,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new stake in Adient during the second quarter worth about $27,000. Corient Private Wealth LP increased its holdings in Adient by 5.7% in the 2nd quarter. Corient Private Wealth LP now owns 19,371 shares of the company's stock valued at $356,000 after buying an additional 1,038 shares during the period. Readystate Asset Management LP bought a new position in Adient in the 2nd quarter valued at about $1,078,000. Public Employees Retirement System of Ohio acquired a new position in shares of Adient in the 2nd quarter valued at approximately $94,000. Finally, Parallel Advisors LLC raised its position in shares of Adient by 19.4% in the 1st quarter. Parallel Advisors LLC now owns 3,186 shares of the company's stock valued at $64,000 after buying an additional 517 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adient news, Director Peter Carlin sold 7,843 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $19.25, for a total value of $150,977.75. Following the sale, the director owned 38,835 shares in the company, valued at $747,573.75. This trade represents a 16.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.94% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADNT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Adient from a "neutral" rating to an "overweight" rating and cut their price target for the stock from $28.00 to $25.00 in a report on Tuesday. Wall Street Zen cut shares of Adient from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Morgan Stanley lowered their price objective on shares of Adient from $22.00 to $21.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 18th. BNP Paribas Exane upgraded Adient from a "neutral" rating to an "outperform" rating and set a $26.00 target price for the company in a research note on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $28.00 target price on shares of Adient in a report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $26.30.

Adient Stock Down 2.1%

ADNT stock opened at $18.36 on Wednesday. The stock has a market capitalization of $1.42 billion, a P/E ratio of 30.60, a price-to-earnings-growth ratio of 0.38 and a beta of 1.52. The company has a current ratio of 1.10, a quick ratio of 0.91 and a debt-to-equity ratio of 1.18. Adient has a 12 month low of $17.68 and a 12 month high of $27.32. The firm has a 50-day moving average price of $19.68 and a 200-day moving average price of $20.64.

Adient (NYSE:ADNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.08). The company had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.71 billion. Adient had a net margin of 0.32% and a return on equity of 7.32%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. As a group, equities research analysts anticipate that Adient will post 2.02 EPS for the current fiscal year.

About Adient

Adient plc NYSE: ADNT is a global automotive supplier that designs, engineers and manufactures automotive seating systems and related components. Its products include complete vehicle seats, seat structures, mechanisms, foam products, trim and other components used in passenger vehicles and commercial vehicles.

The company supplies automakers and supports vehicle programs across major automotive markets, including North America, Europe and Asia. Its operations include product development, engineering, manufacturing and assembly, enabling Adient to provide integrated seating solutions for a range of vehicle platforms and interior designs.

Adient became an independent public company in 2016 after being separated from Johnson Controls' automotive seating business.

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