Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Lear Corporation (NYSE:LEA) by 12.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 208,724 shares of the auto parts company’s stock after selling 30,238 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.31% of Lear worth $36,126,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LEA. State of Alaska Department of Revenue grew its holdings in shares of Lear by 1.3% in the second quarter. State of Alaska Department of Revenue now owns 1,574 shares of the auto parts company’s stock valued at $223,000 after acquiring an additional 20 shares in the last quarter. CIBC World Markets Inc. raised its position in shares of Lear by 0.3% in the second quarter. CIBC World Markets Inc. now owns 12,656 shares of the auto parts company’s stock worth $1,798,000 after buying an additional 40 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Lear by 3.9% in the second quarter. Parallel Advisors LLC now owns 1,117 shares of the auto parts company’s stock worth $166,000 after buying an additional 42 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Lear by 6.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 831 shares of the auto parts company’s stock valued at $118,000 after purchasing an additional 48 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in Lear by 2.8% during the second quarter. Pacer Advisors Inc. now owns 2,433 shares of the auto parts company’s stock valued at $346,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 91.81% of the company’s stock.
Several research firms have weighed in on LEA. UBS cut Lear from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $158.00 to $182.00 in a research report on Tuesday, October 3rd. Jefferies Group initiated coverage on shares of Lear in a research report on Thursday, September 28th. They set a “buy” rating and a $197.00 price objective for the company. Buckingham Research downgraded shares of Lear from a “buy” rating to a “neutral” rating and set a $175.00 target price for the company. in a report on Tuesday, September 26th. They noted that the move was a valuation call. BidaskClub raised shares of Lear from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Finally, Cowen began coverage on shares of Lear in a research report on Monday, September 25th. They issued an “outperform” rating and a $195.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $173.13.
In related news, Director Henry D. G. Wallace sold 4,139 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $166.71, for a total value of $690,012.69. Following the sale, the director now directly owns 4,100 shares of the company’s stock, valued at $683,511. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mel Stephens sold 796 shares of Lear stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $179.00, for a total transaction of $142,484.00. Following the sale, the senior vice president now owns 40,000 shares in the company, valued at approximately $7,160,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,337 shares of company stock valued at $1,946,256. 0.49% of the stock is owned by insiders.
Lear Corporation (NYSE:LEA) traded up $2.42 during trading on Thursday, hitting $175.93. 584,803 shares of the stock were exchanged, compared to its average volume of 661,448. Lear Corporation has a twelve month low of $131.82 and a twelve month high of $181.38. The stock has a market cap of $12,012.30, a P/E ratio of 10.83, a price-to-earnings-growth ratio of 1.48 and a beta of 1.43. The company has a quick ratio of 1.09, a current ratio of 1.34 and a debt-to-equity ratio of 0.48.
Lear (NYSE:LEA) last announced its earnings results on Wednesday, October 25th. The auto parts company reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.16. Lear had a net margin of 5.79% and a return on equity of 31.79%. The firm had revenue of $4.98 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the prior year, the firm earned $3.19 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. equities research analysts forecast that Lear Corporation will post 16.84 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 27th. Shareholders of record on Friday, December 8th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, December 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.14%. Lear’s payout ratio is currently 12.47%.
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Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company’s segments include Seating and E-Systems.
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