Adient (NYSE:ADNT) Sets New 52-Week Low Following Weak Earnings

Adient (NYSE:ADNT)’s stock price hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $15.80 and last traded at $16.2240, with a volume of 509,915 shares traded. The stock had previously closed at $16.92.

The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.13). The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.60 billion. Adient had a net margin of 0.32% and a return on equity of 7.32%. Adient’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS.

Analysts Set New Price Targets

Several research firms recently commented on ADNT. JPMorgan Chase & Co. upgraded shares of Adient from a “neutral” rating to an “overweight” rating and cut their target price for the company from $28.00 to $25.00 in a research note on Tuesday, September 15th. Citigroup dropped their price objective on shares of Adient from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Morgan Stanley dropped their price objective on shares of Adient from $22.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $28.00 target price on shares of Adient in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded Adient from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $24.90.

Insider Transactions at Adient

In other news, Director Peter Carlin sold 7,843 shares of Adient stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.25, for a total transaction of $150,977.75. Following the sale, the director directly owned 38,835 shares in the company, valued at approximately $747,573.75. The trade was a 16.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adient

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Adient by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 4,384,904 shares of the company’s stock worth $88,614,000 after buying an additional 211,843 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Adient by 17.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,293,353 shares of the company’s stock worth $46,349,000 after acquiring an additional 336,306 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Adient by 61.7% in the 1st quarter. Bank of America Corp DE now owns 792,543 shares of the company’s stock worth $16,017,000 after acquiring an additional 302,538 shares in the last quarter. Empowered Funds LLC grew its position in Adient by 23.5% during the 1st quarter. Empowered Funds LLC now owns 554,572 shares of the company’s stock worth $11,208,000 after acquiring an additional 105,435 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Adient by 179.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 527,356 shares of the company’s stock worth $10,658,000 after purchasing an additional 338,517 shares during the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Adient Stock Down 3.6%

The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.91 and a current ratio of 1.10. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 0.24 and a beta of 1.64. The firm’s 50-day simple moving average is $17.88 and its two-hundred day simple moving average is $20.53.

About Adient

Adient plc (NYSE: ADNT) is a global automotive supplier specializing in the design, development and manufacture of vehicle seating systems. The company supplies complete seating assemblies as well as components such as seat structures, mechanisms, foam, fabrics, leather and other trim materials.

Adient works with automakers and other automotive customers to provide seating solutions for passenger cars, trucks, sport utility vehicles and commercial vehicles. Its offerings are designed to support vehicle comfort, safety, styling, weight reduction and manufacturing efficiency, with products developed for both traditional and electrified vehicles.

The company was formed in 2016 through the separation of Johnson Controls’ automotive seating business.