Adient (NYSE:ADNT) Shares Gap Down Following Weak Earnings

Adient (NYSE:ADNT) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $23.99, but opened at $21.61. Adient shares last traded at $20.45, with a volume of 228,192 shares traded.

The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $3.51 billion during the quarter. Adient had a negative net margin of 1.93% and a positive return on equity of 7.81%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Adient from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 26th. Bank of America raised their target price on shares of Adient from $17.50 to $20.00 and gave the company an “underperform” rating in a report on Wednesday, September 10th. Zacks Research downgraded shares of Adient from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. UBS Group lowered their price target on shares of Adient from $28.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of Adient from $31.00 to $28.00 and set an “overweight” rating for the company in a research note on Thursday. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $21.63.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. HITE Hedge Asset Management LLC boosted its holdings in shares of Adient by 184.2% during the first quarter. HITE Hedge Asset Management LLC now owns 2,320,103 shares of the company’s stock worth $29,837,000 after purchasing an additional 1,503,817 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new stake in shares of Adient in the second quarter worth approximately $28,839,000. Arrowstreet Capital Limited Partnership increased its position in Adient by 439.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,171,695 shares of the company’s stock worth $22,801,000 after purchasing an additional 954,441 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Adient by 22.4% during 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. Finally, Assenagon Asset Management S.A. raised its position in shares of Adient by 921.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 812,329 shares of the company’s stock worth $19,561,000 after buying an additional 732,837 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Adient Stock Up 3.4%

The stock has a fifty day moving average of $23.78 and a two-hundred day moving average of $20.73. The company has a quick ratio of 0.92, a current ratio of 1.12 and a debt-to-equity ratio of 1.16. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -5.88, a PEG ratio of 0.65 and a beta of 1.87.

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.