Lear Corp. (LEA) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
A number of other brokerages have also recently issued reports on LEA. Barclays PLC set a $127.00 target price on Lear Corp. and gave the company a hold rating in a research report on Monday, August 1st. Seaport Global Securities started coverage on Lear Corp. in a research report on Tuesday, August 9th. They issued a neutral rating for the company. Bank of America Corp. cut Lear Corp. from a buy rating to a neutral rating in a research report on Tuesday, June 21st. Citigroup Inc. upped their target price on Lear Corp. from $145.00 to $153.00 and gave the company a buy rating in a research report on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. upped their target price on Lear Corp. from $129.00 to $130.00 and gave the company a neutral rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $129.11.
Lear Corp. (NYSE:LEA) traded down 2.44% during midday trading on Wednesday, reaching $121.42. The company’s stock had a trading volume of 528,843 shares. The firm has a market capitalization of $8.68 billion, a PE ratio of 9.72 and a beta of 1.22. Lear Corp. has a 1-year low of $93.54 and a 1-year high of $127.00. The stock’s 50-day moving average price is $117.11 and its 200 day moving average price is $113.22.
Lear Corp. (NYSE:LEA) last announced its earnings results on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.32 by $0.34. The firm earned $4.70 billion during the quarter, compared to analysts’ expectations of $4.86 billion. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.82 EPS. Equities analysts anticipate that Lear Corp. will post $13.27 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Tuesday, August 30th. Lear Corp.’s dividend payout ratio (DPR) is presently 9.58%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total transaction of $178,860.00. Following the sale, the director now owns 4,025 shares in the company, valued at approximately $479,941. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.33% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Origin Asset Management LLP boosted its stake in Lear Corp. by 15.3% in the first quarter. Origin Asset Management LLP now owns 292,521 shares of the company’s stock valued at $32,520,000 after buying an additional 38,844 shares during the period. Bank of Montreal Can acquired a new stake in Lear Corp. during the second quarter valued at about $222,829,000. British Columbia Investment Management Corp boosted its stake in Lear Corp. by 35.0% in the second quarter. British Columbia Investment Management Corp now owns 58,113 shares of the company’s stock valued at $5,914,000 after buying an additional 15,069 shares during the period. PGGM Investments boosted its stake in Lear Corp. by 35.3% in the second quarter. PGGM Investments now owns 346,152 shares of the company’s stock valued at $35,224,000 after buying an additional 90,279 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Lear Corp. by 1.3% in the first quarter. Geode Capital Management LLC now owns 519,185 shares of the company’s stock valued at $57,689,000 after buying an additional 6,760 shares during the period. Hedge funds and other institutional investors own 94.70% of the company’s stock.
About Lear Corp.
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 operates through two segments: seating and electrical.
Receive News & Stock Ratings for Lear Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lear Corp. and related stocks with our FREE daily email newsletter.