Readystate Asset Management LP Makes New Investment in Adient $ADNT

Key Points

• Readystate Asset Management initiated a position in Adient during the second quarter, purchasing 58,643 shares valued at approximately $1.08 million. Institutional investors and hedge funds collectively own 92.44% of the company.
• Adient reported quarterly revenue of $3.93 billion, up 4.3% year over year and above estimates, but earnings per share of $0.48 missed consensus by $0.08. The stock opened at $19.97, near its 52-week low.
• Analyst sentiment is mixed: six analysts rate Adient a Buy, three Hold, and three Sell, producing a consensus Hold rating and an average price target of $26.60. Meanwhile, Director Peter Carlin sold 7,843 shares for approximately $151,000.

Readystate Asset Management LP bought a new position in shares of Adient (NYSE:ADNT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 58,643 shares of the company's stock, valued at approximately $1,078,000. Readystate Asset Management LP owned approximately 0.08% of Adient as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Leonteq Securities AG acquired a new position in Adient during the fourth quarter worth about $30,000. Quarry LP raised its holdings in Adient by 163.9% in the 3rd quarter. Quarry LP now owns 2,304 shares of the company's stock valued at $55,000 after acquiring an additional 1,431 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Adient in the 2nd quarter valued at about $63,000. Parallel Advisors LLC lifted its stake in Adient by 19.4% in the 1st quarter. Parallel Advisors LLC now owns 3,186 shares of the company's stock worth $64,000 after purchasing an additional 517 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Adient during the 4th quarter worth approximately $64,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adient

In other news, Director Peter Carlin sold 7,843 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $19.25, for a total transaction of $150,977.75. Following the completion of the transaction, the director directly owned 38,835 shares in the company, valued at approximately $747,573.75. This represents a 16.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.94% of the company's stock.

Adient Stock Down 0.2%

ADNT stock opened at $19.97 on Tuesday. Adient has a one year low of $17.68 and a one year high of $27.32. The firm has a market cap of $1.54 billion, a PE ratio of 33.28, a PEG ratio of 0.40 and a beta of 1.52. The firm's 50 day moving average price is $19.68 and its 200-day moving average price is $20.91. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.91 and a current ratio of 1.10.

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

Analyst Ratings Changes

ADNT has been the subject of a number of analyst reports. Wall Street Zen lowered Adient from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research lowered Adient from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. UBS Group dropped their target price on Adient from $34.00 to $29.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Citigroup cut their target price on Adient from $33.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Finally, Barclays reduced their price target on Adient from $29.00 to $25.00 and set an "equal weight" rating on the stock in a report on Monday, August 10th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Adient presently has a consensus rating of "Hold" and an average price target of $26.60.

Adient Profile

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.

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