Glen Harbor Capital Management LLC raised its holdings in shares of Lear Co. (NYSE:LEA) by 13.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,050 shares of the auto parts company’s stock after purchasing an additional 7,414 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in Lear were worth $11,344,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Assetmark Inc. grew its position in shares of Lear by 8.3% in the 1st quarter. Assetmark Inc. now owns 3,348 shares of the auto parts company’s stock worth $623,000 after acquiring an additional 257 shares in the last quarter. Piermont Capital Management Inc. grew its position in shares of Lear by 13.1% in the 1st quarter. Piermont Capital Management Inc. now owns 2,850 shares of the auto parts company’s stock worth $530,000 after acquiring an additional 330 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Lear by 3.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 10,697 shares of the auto parts company’s stock worth $1,991,000 after acquiring an additional 330 shares in the last quarter. First Mercantile Trust Co. grew its position in shares of Lear by 8.0% in the 2nd quarter. First Mercantile Trust Co. now owns 4,576 shares of the auto parts company’s stock worth $851,000 after acquiring an additional 340 shares in the last quarter. Finally, Seizert Capital Partners LLC grew its position in shares of Lear by 0.5% in the 1st quarter. Seizert Capital Partners LLC now owns 65,984 shares of the auto parts company’s stock worth $12,279,000 after acquiring an additional 344 shares in the last quarter. Hedge funds and other institutional investors own 91.26% of the company’s stock.
Several research analysts have recently commented on LEA shares. Robert W. Baird reiterated a “buy” rating and issued a $243.00 target price on shares of Lear in a research report on Friday, July 27th. Morgan Stanley upgraded Lear from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $209.00 to $214.00 in a research report on Tuesday, July 31st. ValuEngine lowered Lear from a “hold” rating to a “sell” rating in a research report on Thursday, August 23rd. Longbow Research reiterated a “buy” rating and issued a $225.00 target price on shares of Lear in a research report on Thursday, July 26th. Finally, Zacks Investment Research lowered Lear from a “buy” rating to a “hold” rating in a research report on Saturday, May 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $205.67.
NYSE:LEA opened at $159.90 on Thursday. Lear Co. has a 12-month low of $149.39 and a 12-month high of $206.36. The company has a market cap of $10.63 billion, a P/E ratio of 9.41 and a beta of 1.33. The company has a quick ratio of 1.10, a current ratio of 1.35 and a debt-to-equity ratio of 0.44.
Lear (NYSE:LEA) last released its quarterly earnings data on Thursday, July 26th. The auto parts company reported $4.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.99 by ($0.04). Lear had a net margin of 6.31% and a return on equity of 28.84%. The company had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm earned $4.39 EPS. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. equities analysts expect that Lear Co. will post 19.01 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Investors of record on Thursday, August 30th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Wednesday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 1.75%. Lear’s dividend payout ratio is currently 16.47%.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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