abrdn plc Cuts Holdings in Adient plc (NYSE:ADNT)

abrdn plc reduced its position in Adient plc (NYSE:ADNT) by 1.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 23,516 shares of the company’s stock after selling 332 shares during the period. abrdn plc’s holdings in Adient were worth $1,063,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ADNT. FMR LLC raised its position in Adient by 21.9% in the first quarter. FMR LLC now owns 1,008,304 shares of the company’s stock valued at $13,067,000 after purchasing an additional 181,235 shares during the period. Alliancebernstein L.P. raised its position in Adient by 1.1% in the first quarter. Alliancebernstein L.P. now owns 224,041 shares of the company’s stock valued at $9,903,000 after purchasing an additional 2,420 shares during the period. The PNC Financial Services Group Inc. raised its position in Adient by 70.9% in the first quarter. The PNC Financial Services Group Inc. now owns 8,697 shares of the company’s stock valued at $383,000 after purchasing an additional 3,607 shares during the period. Swiss National Bank raised its position in Adient by 0.8% in the first quarter. Swiss National Bank now owns 203,798 shares of the company’s stock valued at $9,008,000 after purchasing an additional 1,700 shares during the period. Finally, Cibc World Markets Corp purchased a new position in Adient in the first quarter valued at about $446,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on ADNT. Deutsche Bank Aktiengesellschaft cut their price objective on Adient from $57.00 to $49.00 and set a “buy” rating on the stock in a research report on Friday, August 6th. Credit Suisse Group lowered their target price on Adient from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, August 9th. Morgan Stanley lowered their target price on Adient from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, August 10th. Royal Bank of Canada lowered their target price on Adient from $58.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 6th. Finally, Benchmark lowered their target price on Adient from $59.00 to $53.00 and set a “buy” rating for the company in a research note on Monday, August 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $49.00.

NYSE:ADNT opened at $40.72 on Friday. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.50 and a beta of 3.25. Adient plc has a one year low of $15.99 and a one year high of $53.17. The stock has a 50-day simple moving average of $39.18 and a 200 day simple moving average of $43.25. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.90 and a current ratio of 1.13.

Adient (NYSE:ADNT) last posted its quarterly earnings results on Wednesday, August 4th. The company reported ($0.53) EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.68). The firm had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.34 billion. Adient had a return on equity of 18.97% and a net margin of 0.77%. The firm’s revenue for the quarter was up 99.4% on a year-over-year basis. During the same quarter last year, the business posted ($2.78) earnings per share. On average, equities research analysts forecast that Adient plc will post 2.2 EPS for the current fiscal year.

Adient Company Profile

Adient plc manufactures automotive seating systems. The firm’s products include Complete Seats, Commercial vehicle seats, Structures & Mechanisms, Foam, Fabrics and Trim. It operates through the following geographical segments: Americas, EMEA and Asia. The company was founded on December 17, 2015 and is headquartered Dublin, Ireland.

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Institutional Ownership by Quarter for Adient (NYSE:ADNT)

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