Nissay Asset Management Corp Japan ADV grew its position in Lear Co. (NYSE:LEA) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,260 shares of the auto parts company’s stock after acquiring an additional 72 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Lear were worth $985,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Lear during the 4th quarter worth about $653,026,000. Oregon Public Employees Retirement Fund raised its stake in Lear by 11,007.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock worth $40,000 after purchasing an additional 4,854,451 shares in the last quarter. Harris Associates L P raised its stake in Lear by 65.9% in the 4th quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock worth $420,772,000 after purchasing an additional 1,360,164 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Lear by 140.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock worth $349,110,000 after purchasing an additional 1,659,488 shares in the last quarter. Finally, Pzena Investment Management LLC acquired a new position in shares of Lear in the 4th quarter valued at approximately $339,861,000. 97.57% of the stock is owned by institutional investors.
In related news, VP Shari L. Burgess sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total transaction of $546,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.37% of the stock is owned by corporate insiders.
LEA stock opened at $134.06 on Monday. The company has a market cap of $8.35 billion, a P/E ratio of 7.36, a P/E/G ratio of 3.04 and a beta of 1.32. Lear Co. has a 1 year low of $114.45 and a 1 year high of $206.36. The company has a quick ratio of 1.10, a current ratio of 1.34 and a debt-to-equity ratio of 0.44.
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). The company had revenue of $5.16 billion for the quarter, compared to analyst estimates of $5.25 billion. Lear had a return on equity of 25.28% and a net margin of 4.94%. Lear’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.10 earnings per share. As a group, research analysts expect that Lear Co. will post 17.66 earnings per share for the current fiscal year.
Lear announced that its board has authorized a share buyback program on Thursday, February 7th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the auto parts company to purchase up to 15.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Friday, June 7th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Thursday, June 6th. Lear’s dividend payout ratio is 16.47%.
LEA has been the subject of several analyst reports. Zacks Investment Research cut shares of Lear from a “buy” rating to a “hold” rating in a research report on Monday, January 21st. Barclays restated a “hold” rating and issued a $142.00 target price on shares of Lear in a research report on Thursday, January 24th. KeyCorp boosted their target price on shares of Lear from $178.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, January 28th. Robert W. Baird boosted their target price on shares of Lear from $140.00 to $158.00 and gave the company an “outperform” rating in a research report on Monday, January 28th. They noted that the move was a valuation call. Finally, Goldman Sachs Group restated a “buy” rating and issued a $182.00 target price (up from $163.00) on shares of Lear in a research report on Monday, January 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $175.07.
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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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