HITE Hedge Asset Management LLC Purchases 1,503,817 Shares of Adient $ADNT

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 grew its holdings in shares of Adient (NYSE:ADNT - Free Report) by 184.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,320,103 shares of the company's stock after purchasing an additional 1,503,817 shares during the period. Adient makes up approximately 1.9% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 18th largest holding. HITE Hedge Asset Management LLC owned 2.76% of Adient worth $29,837,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. LPL Financial LLC bought a new stake in Adient in the fourth quarter worth about $216,000. Wells Fargo & Company MN boosted its position in Adient by 14.3% during the 4th quarter. Wells Fargo & Company MN now owns 62,877 shares of the company's stock worth $1,083,000 after acquiring an additional 7,881 shares during the period. Russell Investments Group Ltd. boosted its position in Adient by 61.0% during the 4th quarter. Russell Investments Group Ltd. now owns 67,353 shares of the company's stock worth $1,160,000 after acquiring an additional 25,524 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Adient by 803.6% during the 4th 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. Finally, Mariner LLC lifted its holdings in shares of Adient by 8.6% during the 4th quarter. Mariner LLC now owns 10,157 shares of the company's stock valued at $175,000 after buying an additional 801 shares during the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Adient from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Morgan Stanley lifted their price target on Adient from $16.00 to $17.00 and gave the stock an "underweight" rating in a research report on Tuesday, August 12th. Bank of America boosted their price objective on Adient from $15.00 to $17.50 and gave the company an "underperform" rating in a research report on Monday, June 16th. Stifel Nicolaus initiated coverage on Adient in a research report on Thursday. They set a "buy" rating and a $27.00 price objective on the stock. Finally, Cfra Research upgraded Adient from a "moderate sell" rating to a "hold" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Adient currently has an average rating of "Reduce" and an average price target of $21.72.

Adient Trading Up 5.4%

Adient stock traded up $1.2770 during mid-day trading on Friday, hitting $24.8470. The stock had a trading volume of 1,204,281 shares, compared to its average volume of 1,227,407. The stock has a 50-day simple moving average of $21.82 and a two-hundred day simple moving average of $17.01. The stock has a market capitalization of $2.02 billion, a PE ratio of -9.38, a P/E/G ratio of 0.79 and a beta of 1.72. Adient has a 12 month low of $10.04 and a 12 month high of $24.96. 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 posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.02). The firm had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.56 billion. Adient had a negative net margin of 1.53% and a positive return on equity of 8.25%. Adient's revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 EPS. As a group, sell-side analysts forecast that Adient will post 1.76 EPS for the current year.

Adient Company 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.