Corebridge Financial Inc. Reduces Holdings in Adient $ADNT

Corebridge Financial Inc. decreased its position in Adient (NYSE:ADNT) by 5.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,684 shares of the company’s stock after selling 2,586 shares during the period. Corebridge Financial Inc. owned 0.05% of Adient worth $562,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADNT. HITE Hedge Asset Management LLC grew its stake in shares of Adient by 184.2% in the 1st quarter. HITE Hedge Asset Management LLC now owns 2,320,103 shares of the company’s stock valued at $29,837,000 after buying an additional 1,503,817 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Adient by 22.4% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 4,500,736 shares of the company’s stock valued at $57,879,000 after buying an additional 823,638 shares during the period. Millennium Management LLC grew its stake in shares of Adient by 2,039.0% in the 4th quarter. Millennium Management LLC now owns 610,312 shares of the company’s stock valued at $10,516,000 after buying an additional 581,779 shares during the period. Federated Hermes Inc. grew its stake in shares of Adient by 68,173.6% in the 1st quarter. Federated Hermes Inc. now owns 524,341 shares of the company’s stock valued at $6,743,000 after buying an additional 523,573 shares during the period. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Adient in the 1st quarter valued at approximately $6,022,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Adient Stock Performance

NYSE:ADNT opened at $24.58 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.92 and a current ratio of 1.12. Adient has a fifty-two week low of $10.04 and a fifty-two week high of $25.84. The stock has a market capitalization of $2.00 billion, a P/E ratio of -9.27, a PEG ratio of 0.81 and a beta of 1.76. The company has a 50 day moving average price of $22.94 and a 200 day moving average price of $17.54.

Adient (NYSE:ADNT) last issued its quarterly 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 negative net margin of 1.53% and a positive return on equity of 8.25%. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the prior year, the business earned $0.32 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts forecast that Adient will post 1.76 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADNT. Morgan Stanley increased their price target on shares of Adient from $16.00 to $17.00 and gave the company an “underweight” rating in a research note on Tuesday, August 12th. Cfra Research raised shares of Adient from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 7th. Barclays increased their price objective 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. Wall Street Zen raised shares of Adient from a “hold” rating to a “buy” rating in a research report on Friday, July 18th. Finally, Stifel Nicolaus started coverage on shares of Adient in a research report on Thursday, August 21st. They set a “buy” rating and a $27.00 price objective for the company. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $21.72.

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.