BB&T Corp trimmed its stake in Lear Co. (NYSE:LEA) by 20.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,407 shares of the auto parts company’s stock after selling 8,169 shares during the quarter. BB&T Corp’s holdings in Lear were worth $4,700,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LEA. Bank of Montreal Can acquired a new position in shares of Lear in the second quarter worth $266,584,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Lear by 1,004.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 731,643 shares of the auto parts company’s stock worth $135,947,000 after acquiring an additional 665,403 shares during the last quarter. Standard Life Aberdeen plc raised its holdings in shares of Lear by 65.8% in the second quarter. Standard Life Aberdeen plc now owns 924,394 shares of the auto parts company’s stock worth $171,785,000 after acquiring an additional 366,915 shares during the last quarter. Boston Partners raised its holdings in shares of Lear by 36.6% in the second quarter. Boston Partners now owns 1,368,460 shares of the auto parts company’s stock worth $254,274,000 after acquiring an additional 366,768 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Lear by 23.3% in the second quarter. FMR LLC now owns 1,599,498 shares of the auto parts company’s stock worth $297,203,000 after acquiring an additional 302,664 shares during the last quarter. 91.17% of the stock is owned by institutional investors.
A number of equities analysts have recently weighed in on LEA shares. Robert W. Baird boosted their price target on Lear from $227.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, June 25th. They noted that the move was a valuation call. ValuEngine cut Lear from a “buy” rating to a “hold” rating in a report on Friday, June 29th. Longbow Research reiterated a “buy” rating and issued a $225.00 target price on shares of Lear in a research note on Thursday, July 26th. JPMorgan Chase & Co. dropped their target price on Lear from $209.00 to $198.00 and set a “neutral” rating for the company in a research note on Friday, July 27th. Finally, Citigroup dropped their target price on Lear from $243.00 to $234.00 and set a “buy” rating for the company in a research note on Monday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $204.38.
Lear stock opened at $137.25 on Friday. The firm has a market capitalization of $8.80 billion, a P/E ratio of 8.07 and a beta of 1.34. Lear Co. has a 52 week low of $130.55 and a 52 week high of $206.36. 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 earnings results on Thursday, July 26th. The auto parts company reported $4.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.99 by ($0.04). The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.54 billion. Lear had a net margin of 6.31% and a return on equity of 28.84%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.39 earnings per share. Research analysts predict that Lear Co. will post 18.61 EPS for the current year.
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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