Nuveen Asset Management LLC Trims Stock Holdings in Adient plc (NYSE:ADNT)

Posted by on Mar 2nd, 2023

Nuveen Asset Management LLC lowered its position in Adient plc (NYSE:ADNT – Get Rating) by 10.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 907,581 shares of the company’s stock after selling 108,884 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.96% of Adient worth $25,186,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADNT. Raymond James Financial Services Advisors Inc. purchased a new stake in Adient in the first quarter valued at approximately $214,000. Bank of Montreal Can lifted its stake in Adient by 45.3% in the first quarter. Bank of Montreal Can now owns 77,628 shares of the company’s stock valued at $3,169,000 after buying an additional 24,213 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Adient by 11.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,731 shares of the company’s stock valued at $1,416,000 after buying an additional 3,493 shares during the last quarter. BlackRock Inc. lifted its stake in Adient by 1.6% in the first quarter. BlackRock Inc. now owns 10,748,066 shares of the company’s stock valued at $438,197,000 after buying an additional 167,887 shares during the last quarter. Finally, Great West Life Assurance Co. Can purchased a new stake in Adient in the first quarter valued at approximately $2,433,000. Hedge funds and other institutional investors own 93.20% of the company’s stock.

Insider Activity

In other news, CEO Douglas G. Delgrosso sold 50,000 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief executive officer now directly owns 617,757 shares in the company, valued at $24,914,139.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 50,300 shares of company stock worth $2,030,108 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ADNT shares. Barclays started coverage on Adient in a report on Tuesday, February 14th. They issued an “overweight” rating and a $57.00 target price on the stock. Benchmark boosted their target price on Adient from $48.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Morgan Stanley boosted their target price on Adient from $29.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, February 9th. Wolfe Research lowered Adient from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 9th. Finally, Royal Bank of Canada lowered Adient from an “outperform” rating to a “sector perform” rating and set a $36.00 target price on the stock. in a report on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adient currently has a consensus rating of “Hold” and an average target price of $46.11.

Adient Stock Up 1.1 %

ADNT opened at $43.20 on Thursday. The business’s fifty day moving average is $41.14 and its two-hundred day moving average is $36.71. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.91 and a current ratio of 1.20. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -75.79 and a beta of 2.76. Adient plc has a one year low of $27.15 and a one year high of $47.50.

Adient (NYSE:ADNT – Get Rating) last posted its earnings results on Tuesday, February 7th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). The firm had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Adient had a positive return on equity of 3.21% and a negative net margin of 0.38%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.38) earnings per share. Analysts anticipate that Adient plc will post 2.1 EPS for the current fiscal year.

About Adient

(Get Rating)

Adient plc manufactures automotive seating systems. It operates through the following geographical segments: Americas, EMEA, and Asia. The company was founded in 1985 and is headquartered in Plymouth, MI.

See Also

Institutional Ownership by Quarter for Adient (NYSE:ADNT)

Receive News & Ratings for Adient Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adient and related companies with MarketBeat.com's FREE daily email newsletter.