HITE Hedge Asset Management LLC Cuts Stock Holdings in Adient $ADNT

Key Points

• HITE Hedge Asset Management cut its stake in Adient by 17.3% in Q3, selling 413,937 shares and ending the period with 1,981,331 shares (about 2.44% of Adient, valued at ~$47.7M), making ADNT its 13th largest holding.
• Adient recently beat quarterly estimates (EPS $0.35 vs. $0.19 consensus; revenue $3.64B vs. $3.45B) but still has a negative net margin and mixed analyst coverage, with a consensus rating of Hold and a $27.67 price target.

HITE Hedge Asset Management LLC reduced its stake in Adient (NYSE:ADNT - Free Report) by 17.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,981,331 shares of the company's stock after selling 413,937 shares during the period. Adient makes up 2.6% of HITE Hedge Asset Management LLC's portfolio, making the stock its 13th largest holding. HITE Hedge Asset Management LLC owned approximately 2.44% of Adient worth $47,710,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Royal Bank of Canada grew its position in shares of Adient by 11.6% during the first quarter. Royal Bank of Canada now owns 22,429 shares of the company's stock valued at $289,000 after purchasing an additional 2,331 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Adient by 171.1% in the first quarter. AQR Capital Management LLC now owns 238,913 shares of the company's stock worth $2,977,000 after buying an additional 150,792 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Adient during the first quarter valued at approximately $236,000. Bank of Montreal Can boosted its stake in Adient by 16.0% during the second quarter. Bank of Montreal Can now owns 16,208 shares of the company's stock valued at $315,000 after buying an additional 2,238 shares during the last quarter. Finally, Savant Capital LLC purchased a new position in Adient during the 2nd quarter valued at approximately $243,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Adient Stock Performance

Shares of NYSE:ADNT opened at $20.08 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.88 and a debt-to-equity ratio of 1.17. Adient has a 12 month low of $10.04 and a 12 month high of $27.32. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -5.55, a PEG ratio of 0.46 and a beta of 1.56. The firm's 50-day moving average is $22.85 and its 200 day moving average is $22.29.

Adient (NYSE:ADNT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.16. Adient had a negative net margin of 2.06% and a positive return on equity of 8.18%. The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter last year, the firm earned $0.27 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts predict that Adient will post 1.76 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Bank of America assumed coverage on Adient in a research note on Wednesday, March 4th. They issued an "underperform" rating and a $22.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Adient from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, January 12th. UBS Group boosted their price target on shares of Adient from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Morgan Stanley upped their price target on shares of Adient from $20.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, February 5th. Finally, Citigroup increased their price objective on shares of Adient from $22.50 to $30.00 and gave the company a "neutral" rating in a research report on Monday, February 9th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Adient currently has an average rating of "Hold" and a consensus price target of $27.67.

About Adient

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.

Want to see what other hedge funds are holding ADNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adient (NYSE:ADNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.