Adient (NYSE:ADNT) Sees Significant Decline in Short Interest
by Sarita Garza · The Markets DailyAdient (NYSE:ADNT – Get Free Report) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 4,860,401 shares, a decrease of 16.8% from the March 15th total of 5,842,881 shares. Currently, 6.3% of the company’s shares are sold short. Based on an average trading volume of 1,068,326 shares, the days-to-cover ratio is currently 4.5 days.
Institutional Investors Weigh In On Adient
Institutional investors and hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its position in shares of Adient by 62.6% in the third quarter. Hantz Financial Services Inc. now owns 1,140 shares of the company’s stock worth $27,000 after buying an additional 439 shares during the period. Leonteq Securities AG purchased a new position in Adient in the fourth quarter valued at about $30,000. Quarry LP boosted its holdings in Adient by 163.9% in the third quarter. Quarry LP now owns 2,304 shares of the company’s stock valued at $55,000 after purchasing an additional 1,431 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Adient in the second quarter valued at about $63,000. Finally, Los Angeles Capital Management LLC purchased a new position in Adient in the fourth quarter valued at about $64,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.
Wall Street Analysts Forecast Growth
ADNT has been the subject of several research analyst reports. Stifel Nicolaus dropped their price target on Adient from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on Adient from $24.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Barclays dropped their price target on Adient from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Monday, March 30th. Morgan Stanley upped their target price on Adient from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Adient in a research report on Friday. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $27.78.
View Our Latest Report on ADNT
Adient Stock Up 5.5%
Shares of NYSE ADNT traded up $1.14 on Friday, hitting $21.85. The company had a trading volume of 1,306,251 shares, compared to its average volume of 915,061. Adient has a 12-month low of $11.09 and a 12-month high of $27.32. The business has a 50 day moving average of $22.19 and a two-hundred day moving average of $21.54. The company has a quick ratio of 0.88, a current ratio of 1.09 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $1.71 billion, a P/E ratio of -6.04, a PEG ratio of 0.46 and a beta of 1.55.
Adient (NYSE:ADNT – Get Free Report) last issued its earnings results on Wednesday, February 4th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.16. Adient had a positive return on equity of 8.18% and a negative net margin of 2.06%.The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that Adient will post 1.76 earnings per share for the current fiscal year.
About Adient
Adient plc (NYSE: ADNT) is a leading global supplier of automotive seating and interior components. Established in 2016 through a spin-off from Johnson Controls, the company designs, engineers and manufactures complete seat assemblies, seat structures, mechanisms, foams, textiles, trim and electronics. Adient’s product portfolio spans a wide range of seating solutions, from entry-level designs to luxury and high-performance seats, and extends to interior modules such as door panels and center consoles.
Serving major original equipment manufacturers (OEMs) around the world, Adient works closely with automakers to develop lightweight, comfortable and safety-oriented seating systems.