Short Interest in Adient plc (NYSE:ADNT) Declines By 6.7%

Adient plc (NYSE:ADNT) was the recipient of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 4,580,000 shares, a decline of 6.7% from the May 15th total of 4,910,000 shares. Currently, 5.2% of the company’s stock are short sold. Based on an average daily volume of 1,100,000 shares, the days-to-cover ratio is presently 4.2 days.

Analyst Ratings Changes

Several research firms recently commented on ADNT. JPMorgan Chase & Co. reduced their price target on shares of Adient from $40.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, April 22nd. Bank of America decreased their target price on shares of Adient from $50.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. Wells Fargo & Company dropped their price target on Adient from $38.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Barclays decreased their price objective on Adient from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 7th. Finally, Morgan Stanley cut their price target on Adient from $35.00 to $32.00 and set an “underweight” rating for the company in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Adient currently has a consensus rating of “Hold” and an average price target of $39.25.

Insider Buying and Selling

In other news, Director Peter Carlin sold 4,207 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $28.90, for a total value of $121,582.30. Following the completion of the transaction, the director now owns 28,352 shares in the company, valued at approximately $819,372.80. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adient

Several hedge funds have recently added to or reduced their stakes in the business. Partnership Wealth Management LLC purchased a new position in Adient during the fourth quarter worth $83,000. Covestor Ltd boosted its stake in shares of Adient by 201.5% during the 1st quarter. Covestor Ltd now owns 3,307 shares of the company’s stock worth $109,000 after purchasing an additional 2,210 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Adient during the first quarter worth about $135,000. Headlands Technologies LLC acquired a new position in shares of Adient in the first quarter valued at approximately $159,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Adient during the third quarter valued at approximately $205,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Adient Price Performance

Shares of ADNT stock traded down $0.25 during midday trading on Tuesday, reaching $25.35. 860,770 shares of the company traded hands, compared to its average volume of 1,046,224. The firm has a market cap of $2.28 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 0.35 and a beta of 2.31. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.13 and a quick ratio of 0.91. The firm’s 50 day simple moving average is $28.41 and its two-hundred day simple moving average is $32.08. Adient has a 1-year low of $24.90 and a 1-year high of $46.51.

Adient (NYSE:ADNT) last posted its earnings results on Friday, May 3rd. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.15. Adient had a return on equity of 8.72% and a net margin of 1.04%. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.80 billion. During the same period in the previous year, the business earned $0.32 earnings per share. Adient’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts expect that Adient will post 2.23 EPS for the current fiscal year.

About Adient

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.