Bank of New York Mellon Corp Lowers Stock Holdings in Adient (NYSE:ADNT)

Bank of New York Mellon Corp cut its stake in Adient (NYSE:ADNT) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 708,856 shares of the company’s stock after selling 15,177 shares during the period. Bank of New York Mellon Corp owned about 0.84% of Adient worth $9,116,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in Adient in the 1st quarter valued at approximately $160,000. Illinois Municipal Retirement Fund raised its position in shares of Adient by 7.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 49,713 shares of the company’s stock worth $639,000 after purchasing an additional 3,657 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Adient during the 1st quarter worth approximately $601,000. GAMMA Investing LLC raised its position in shares of Adient by 157.5% during the 1st quarter. GAMMA Investing LLC now owns 2,235 shares of the company’s stock worth $29,000 after purchasing an additional 1,367 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of Adient by 69.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 355,525 shares of the company’s stock worth $4,572,000 after purchasing an additional 145,851 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

ADNT has been the subject of a number of research analyst reports. Wall Street Zen upgraded Adient from a “hold” rating to a “buy” rating in a report on Friday. Morgan Stanley decreased their price target on shares of Adient from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Monday, May 19th. Bank of America upped their price target on shares of Adient from $15.00 to $17.50 and gave the stock an “underperform” rating in a research report on Monday, June 16th. Barclays upped their price target on shares of Adient from $18.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company upped their price objective on shares of Adient from $17.00 to $18.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Adient presently has an average rating of “Hold” and an average target price of $20.06.

Adient Price Performance

ADNT opened at $22.11 on Tuesday. Adient has a one year low of $10.04 and a one year high of $26.59. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.11 and a quick ratio of 0.90. The company’s 50 day simple moving average is $18.46 and its 200-day simple moving average is $16.05. The stock has a market capitalization of $1.86 billion, a P/E ratio of -6.91, a price-to-earnings-growth ratio of 0.66 and a beta of 1.69.

Adient (NYSE:ADNT) last posted its earnings results on Wednesday, May 7th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.33. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.39 billion. Adient had a negative net margin of 1.86% and a positive return on equity of 7.70%. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the business posted $0.54 earnings per share. Sell-side analysts anticipate that Adient will post 1.76 earnings per share for the current fiscal 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.