Korea Investment CORP lessened its stake in shares of Lear Co. (NYSE:LEA) by 6.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,646 shares of the auto parts company’s stock after selling 3,606 shares during the quarter. Korea Investment CORP’s holdings in Lear were worth $9,983,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Lear by 501.7% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 251,248 shares of the auto parts company’s stock worth $44,387,000 after acquiring an additional 209,493 shares during the last quarter. First Quadrant L P CA raised its holdings in shares of Lear by 1,082.2% in the 4th quarter. First Quadrant L P CA now owns 113,871 shares of the auto parts company’s stock worth $20,116,000 after acquiring an additional 104,239 shares during the last quarter. APG Asset Management N.V. raised its holdings in shares of Lear by 12.5% in the 4th quarter. APG Asset Management N.V. now owns 887,521 shares of the auto parts company’s stock worth $130,571,000 after acquiring an additional 98,900 shares during the last quarter. Investec Asset Management LTD raised its holdings in shares of Lear by 13.8% in the 4th quarter. Investec Asset Management LTD now owns 801,171 shares of the auto parts company’s stock worth $141,535,000 after acquiring an additional 97,214 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in shares of Lear by 157.5% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 138,063 shares of the auto parts company’s stock worth $24,389,000 after acquiring an additional 84,452 shares during the last quarter. 90.12% of the stock is currently owned by institutional investors.
LEA has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Lear from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Barclays lowered their target price on shares of Lear from $200.00 to $199.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 17th. ValuEngine lowered shares of Lear from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 21st. Morgan Stanley upgraded shares of Lear from an “underweight” rating to an “equal weight” rating and set a $191.00 target price on the stock in a report on Thursday, March 22nd. Finally, Susquehanna Bancshares set a $188.00 target price on shares of Lear and gave the stock a “hold” rating in a report on Wednesday, March 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. Lear currently has a consensus rating of “Buy” and an average target price of $198.33.
In other Lear news, Director Richard Harold Bott sold 1,063 shares of the firm’s stock in a transaction on Friday, May 18th. The shares were sold at an average price of $202.35, for a total value of $215,098.05. Following the completion of the transaction, the director now directly owns 1,852 shares of the company’s stock, valued at approximately $374,752.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jonathan F. Foster sold 2,500 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $203.24, for a total transaction of $508,100.00. Following the completion of the transaction, the director now directly owns 7,381 shares of the company’s stock, valued at $1,500,114.44. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.
NYSE:LEA opened at $201.96 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.34 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $13.47 billion, a price-to-earnings ratio of 11.88 and a beta of 1.45. Lear Co. has a 52 week low of $135.62 and a 52 week high of $204.99.
Lear (NYSE:LEA) last released its earnings results on Thursday, April 26th. The auto parts company reported $5.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.91 by $0.19. The firm had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.43 billion. Lear had a net margin of 6.40% and a return on equity of 29.40%. The company’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.27 EPS. equities analysts forecast that Lear Co. will post 19.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 27th. Investors of record on Friday, June 8th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, June 7th. Lear’s dividend payout ratio (DPR) is presently 16.47%.
Lear declared that its Board of Directors has approved a share repurchase program on Wednesday, February 14th that allows the company to repurchase $954.00 million in outstanding shares. This repurchase authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Lear Company Profile
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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