Adient (NYSE:ADNT) Shares Gap Up on Better-Than-Expected Earnings

Adient plc (NYSE:ADNT) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.88, but opened at $21.22. Adient shares last traded at $20.42, with a volume of 104,052 shares trading hands.

The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.12. Adient had a net margin of 0.50% and a return on equity of 6.34%. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period in the prior year, the business posted $0.51 EPS. The firm’s revenue was down 3.7% compared to the same quarter last year.

Analysts Set New Price Targets

ADNT has been the topic of a number of research analyst reports. UBS Group reduced their price objective on shares of Adient from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Wolfe Research started coverage on shares of Adient in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. reduced their target price on shares of Adient from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Bank of America reduced their target price on shares of Adient from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Wells Fargo & Company cut their price objective on shares of Adient from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $25.38.

Hedge Funds Weigh In On Adient

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ProShare Advisors LLC lifted its stake in shares of Adient by 2.0% in the 1st quarter. ProShare Advisors LLC now owns 20,885 shares of the company’s stock worth $688,000 after purchasing an additional 417 shares during the period. CWM LLC increased its holdings in Adient by 44.5% in the 2nd quarter. CWM LLC now owns 1,439 shares of the company’s stock worth $36,000 after acquiring an additional 443 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in Adient by 3.2% in the 2nd quarter. SummerHaven Investment Management LLC now owns 18,167 shares of the company’s stock worth $449,000 after acquiring an additional 556 shares in the last quarter. Sei Investments Co. increased its holdings in Adient by 1.3% in the 1st quarter. Sei Investments Co. now owns 51,206 shares of the company’s stock worth $1,686,000 after acquiring an additional 643 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Adient by 23.2% in the 3rd quarter. Covestor Ltd now owns 5,482 shares of the company’s stock worth $124,000 after acquiring an additional 1,032 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Adient Stock Performance

The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.87 and a current ratio of 1.08. The business’s fifty day simple moving average is $21.46 and its 200-day simple moving average is $24.16. The firm has a market capitalization of $1.77 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 0.39 and a beta of 2.18.

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.