Federated Hermes Inc. Grows Stake in Adient (NYSE:ADNT)

Key Points

• Federated Hermes Inc. significantly increased its stake in Adient by 68,173.6%, acquiring over 523,000 additional shares, bringing their total ownership to approximately 0.62% of the company, valued at $6.74 million.
• Multiple hedge funds adjusted their positions in Adient, with Covestor Ltd and Mariner LLC both increasing their holdings in the past quarter, indicating strong institutional interest as 92.44% of the company's stock is owned by institutional investors.
• Adient recently reported earnings of $0.69 per share, exceeding analyst expectations, but observed a 3.7% year-over-year decline in revenue, signaling mixed performance amid varied analyst ratings.

Federated Hermes Inc. grew its holdings in Adient (NYSE:ADNT - Free Report) by 68,173.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 524,341 shares of the company's stock after acquiring an additional 523,573 shares during the quarter. Federated Hermes Inc. owned about 0.62% of Adient worth $6,743,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Covestor Ltd boosted its position in shares of Adient by 10.6% in the 4th quarter. Covestor Ltd now owns 6,062 shares of the company's stock valued at $104,000 after purchasing an additional 580 shares during the period. Mariner LLC boosted its position in shares of Adient by 8.6% in the 4th quarter. Mariner LLC now owns 10,157 shares of the company's stock valued at $175,000 after purchasing an additional 801 shares during the period. GAMMA Investing LLC boosted its position in shares of Adient by 157.5% in the 1st quarter. GAMMA Investing LLC now owns 2,235 shares of the company's stock valued at $29,000 after purchasing an additional 1,367 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Adient in the 4th quarter valued at about $25,000. Finally, Oarsman Capital Inc. boosted its position in shares of Adient by 98.7% in the 4th quarter. Oarsman Capital Inc. now owns 2,966 shares of the company's stock valued at $51,000 after purchasing an additional 1,473 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADNT. Morgan Stanley decreased their price objective on Adient from $17.00 to $16.00 and set an "underweight" rating for the company in a research report on Monday, May 19th. UBS Group increased their price objective on Adient from $15.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Citigroup began coverage on Adient in a research report on Wednesday, April 23rd. They set a "neutral" rating and a $14.00 price objective for the company. Bank of America increased their price objective on Adient from $15.00 to $17.50 and gave the stock an "underperform" rating in a research report on Monday, June 16th. Finally, Wells Fargo & Company increased their price objective on Adient from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $20.06.

Adient Stock Performance

Shares of ADNT stock opened at $21.40 on Friday. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -6.69, a price-to-earnings-growth ratio of 0.76 and a beta of 1.72. The stock has a 50 day simple moving average of $19.81 and a 200-day simple moving average of $16.40. Adient has a 12-month low of $10.04 and a 12-month high of $24.27. The company has a current ratio of 1.11, a quick ratio of 0.90 and a debt-to-equity ratio of 1.22.

Adient (NYSE:ADNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.33. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.39 billion. Adient had a positive return on equity of 7.70% and a negative net margin of 1.86%. The company's revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. On average, equities analysts forecast that Adient will post 1.76 EPS for the current year.

About Adient

Adient plc engages in the design, development, manufacture, and market of seating systems and components for passenger cars, commercial vehicles, and light trucks. The company's automotive seating solutions include complete seating systems, frames, mechanisms, foams, head restraints, armrests, and trim covers.

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