Adient $ADNT Shares Purchased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC increased its stake in Adient by 184.2%, now owning approximately 2,320,103 shares worth about $29.8 million, making Adient its 18th largest holding.
• Adient stock is currently down 1.4% with a market cap of approximately $1.92 billion and has seen a 52-week trading range between $10.04 and $24.25.
• The company reported earnings of $0.45 per share, slightly missing analyst expectations, but its revenue of $3.74 billion surpassed estimates, indicating a positive trend.

HITE Hedge Asset Management LLC boosted its holdings in Adient (NYSE:ADNT - Free Report) by 184.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,320,103 shares of the company's stock after acquiring an additional 1,503,817 shares during the period. Adient comprises about 1.9% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 18th biggest holding. HITE Hedge Asset Management LLC owned about 2.76% of Adient worth $29,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of ADNT. Point72 Hong Kong Ltd bought a new position in Adient in the fourth quarter worth about $25,000. Brooklyn Investment Group lifted its holdings in Adient by 23,600.0% in the first quarter. Brooklyn Investment Group now owns 2,133 shares of the company's stock worth $27,000 after acquiring an additional 2,124 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Adient by 157.5% in the first quarter. GAMMA Investing LLC now owns 2,235 shares of the company's stock worth $29,000 after acquiring an additional 1,367 shares during the last quarter. CWM LLC raised its holdings in shares of Adient by 91.4% during the first quarter. CWM LLC now owns 3,426 shares of the company's stock valued at $44,000 after buying an additional 1,636 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Adient by 803.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,738 shares of the company's stock valued at $47,000 after buying an additional 2,435 shares during the last quarter. Institutional investors own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADNT. UBS Group lifted their price target on Adient from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Bank of America lifted their price target on Adient from $15.00 to $17.50 and gave the company an "underperform" rating in a report on Monday, June 16th. Wells Fargo & Company lifted their price target on Adient from $18.00 to $24.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Citigroup began coverage on Adient in a report on Wednesday, April 23rd. They set a "neutral" rating and a $14.00 price target on the stock. Finally, Morgan Stanley lifted their price target on Adient from $16.00 to $17.00 and gave the company an "underweight" rating in a report on Tuesday, August 12th. Nine research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $21.06.

Adient Price Performance

NYSE:ADNT traded down $0.1750 during midday trading on Wednesday, hitting $23.0850. 831,217 shares of the stock were exchanged, compared to its average volume of 1,252,963. Adient has a one year low of $10.04 and a one year high of $24.25. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of -8.71, a P/E/G ratio of 0.78 and a beta of 1.72. The business has a 50-day moving average price of $21.60 and a two-hundred day moving average price of $16.90. The company has a current ratio of 1.12, a quick ratio of 0.92 and a debt-to-equity ratio of 1.15.

Adient (NYSE:ADNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.02). Adient had a positive return on equity of 8.25% and a negative net margin of 1.53%.The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the firm earned $0.32 EPS. Adient's revenue for the quarter was up .7% on a year-over-year basis. Sell-side analysts predict that Adient will post 1.76 EPS for the current year.

Adient Profile

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.