Voloridge Investment Management LLC Cuts Stake in Adient PLC (NYSE:ADNT)
Voloridge Investment Management LLC reduced its position in shares of Adient PLC (NYSE:ADNT) by 36.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 64,544 shares of the company’s stock after selling 36,775 shares during the quarter. Voloridge Investment Management LLC’s holdings in Adient were worth $1,482,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of ADNT. Pacer Advisors Inc. bought a new position in shares of Adient in the second quarter worth approximately $840,000. Atria Investments LLC purchased a new position in shares of Adient in the second quarter worth $753,000. Dupont Capital Management Corp purchased a new position in shares of Adient in the third quarter worth $214,000. Morgan Stanley lifted its holdings in shares of Adient by 15.5% during the second quarter. Morgan Stanley now owns 143,577 shares of the company’s stock valued at $3,484,000 after purchasing an additional 19,314 shares in the last quarter. Finally, Aperio Group LLC lifted its holdings in shares of Adient by 32.1% during the second quarter. Aperio Group LLC now owns 60,793 shares of the company’s stock valued at $1,475,000 after purchasing an additional 14,783 shares in the last quarter. 98.85% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on ADNT shares. UBS Group downgraded Adient from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $27.00 in a research report on Thursday, September 12th. ValuEngine downgraded Adient from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Morgan Stanley lifted their price objective on Adient from $13.00 to $17.00 and gave the company an “underweight” rating in a research report on Thursday, November 21st. Wolfe Research began coverage on Adient in a research note on Tuesday, October 8th. They set a “market perform” rating and a $21.00 price objective for the company. Finally, Bank of America cut shares of Adient from a “buy” rating to a “neutral” rating and set a $28.00 target price on the stock. in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. Adient currently has an average rating of “Hold” and a consensus target price of $21.93.
Adient (NYSE:ADNT) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.38. Adient had a positive return on equity of 6.23% and a negative net margin of 2.97%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the company posted $1.30 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities research analysts predict that Adient PLC will post 1.55 earnings per share for the current year.
Adient plc designs, manufactures, and markets a range of seating systems and components for passenger cars, commercial vehicles, and light trucks. It operates through three segments: Seating, Seat Structures and Mechanisms (SS&M), and Interiors. The Seating segment produces seat systems for automotive and other mobility applications, as well as various components of seat systems, including foams, trims, and fabrics.
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