Lingohr & Partner Asset Management GmbH reduced its stake in shares of Lear Co. (NYSE:LEA) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,869 shares of the auto parts company’s stock after selling 300 shares during the period. Lingohr & Partner Asset Management GmbH’s holdings in Lear were worth $797,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Lear during the 4th quarter valued at approximately $653,026,000. Oregon Public Employees Retirement Fund raised its stake in Lear by 11,007.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock valued at $40,000 after purchasing an additional 4,854,451 shares during the period. Pzena Investment Management LLC bought a new stake in Lear during the 4th quarter valued at approximately $339,861,000. Massachusetts Financial Services Co. MA raised its stake in Lear by 140.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock valued at $349,110,000 after purchasing an additional 1,659,488 shares during the period. Finally, Harris Associates L P raised its stake in Lear by 65.9% during the 4th quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock valued at $420,772,000 after purchasing an additional 1,360,164 shares during the period. 89.56% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on LEA shares. Longbow Research reissued a “buy” rating and set a $190.00 target price on shares of Lear in a research note on Wednesday, April 10th. Zacks Investment Research raised Lear from a “hold” rating to a “buy” rating and set a $175.00 target price on the stock in a research note on Tuesday, February 5th. Morgan Stanley set a $185.00 target price on Lear and gave the company a “buy” rating in a research note on Tuesday, January 29th. Goldman Sachs Group reissued a “buy” rating and set a $182.00 target price (up previously from $163.00) on shares of Lear in a research note on Monday, January 28th. Finally, Seaport Global Securities started coverage on Lear in a research note on Wednesday, February 13th. They set a “buy” rating and a $199.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $175.07.
NYSE:LEA opened at $126.04 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.10 and a current ratio of 1.34. Lear Co. has a 1 year low of $114.45 and a 1 year high of $206.36. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 6.92, a PEG ratio of 2.98 and a beta of 1.32.
Lear (NYSE:LEA) last released its quarterly earnings data on Friday, April 26th. The auto parts company reported $4.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.06 by ($0.06). Lear had a return on equity of 25.28% and a net margin of 4.94%. The firm had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same period in the previous year, the firm earned $5.10 EPS. The business’s revenue was down 10.0% compared to the same quarter last year. On average, equities analysts expect that Lear Co. will post 17.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Friday, June 7th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, June 6th. Lear’s dividend payout ratio is currently 16.47%.
Lear declared that its board has authorized a stock buyback plan on Thursday, February 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire up to 15.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Lear Company Profile
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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