Lear Corp. (LEA) Downgraded by RBC Capital Markets
Lear Corp. (NYSE:LEA) was downgraded by equities research analysts at RBC Capital Markets from an “outperform” rating to a “sector perform” rating in a research report issued on Friday. They currently have a $121.00 price objective on the stock. RBC Capital Markets’ price objective would suggest a potential upside of 3.96% from the company’s current price. The analysts noted that the move was a valuation call.
LEA has been the subject of several other reports. Zacks Investment Research raised Lear Corp. from a “hold” rating to a “buy” rating and set a $136.00 price objective for the company in a research note on Tuesday, October 4th. Bank of America Corp. lowered Lear Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, June 21st. Goldman Sachs Group Inc. lowered Lear Corp. from a “neutral” rating to a “sell” rating and reduced their target price for the company from $116.00 to $107.00 in a report on Thursday, October 6th. 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 report on Friday, July 29th. Finally, Citigroup Inc. upped their target price on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Lear Corp. has an average rating of “Hold” and an average price target of $125.45.
Shares of Lear Corp. (NYSE:LEA) traded up 0.67% during trading on Friday, reaching $117.17. The company’s stock had a trading volume of 106,088 shares. The stock has a 50-day moving average of $117.94 and a 200-day moving average of $113.54. Lear Corp. has a 52-week low of $93.54 and a 52-week high of $127.00. The stock has a market cap of $8.38 billion, a P/E ratio of 9.38 and a beta of 1.22.
Lear Corp. (NYSE:LEA) last issued its quarterly earnings data on Thursday, July 28th. The company reported $3.66 EPS for the quarter, topping the consensus estimate of $3.32 by $0.34. The firm earned $4.70 billion during the quarter, compared to the consensus estimate of $4.86 billion. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.82 earnings per share. Analysts predict that Lear Corp. will post $13.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Tuesday, August 30th. Lear Corp.’s payout ratio is currently 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the firm’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value of $178,860.00. Following the completion of the transaction, the director now directly owns 4,025 shares of the company’s stock, valued at $479,941. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of LEA. Sigma Planning Corp raised its position in Lear Corp. by 0.4% in the second quarter. Sigma Planning Corp now owns 2,274 shares of the company’s stock worth $231,000 after buying an additional 9 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Lear Corp. by 0.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 4,977 shares of the company’s stock worth $506,000 after buying an additional 14 shares during the period. Checchi Capital Advisers LLC increased its stake in shares of Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock worth $104,000 after buying an additional 26 shares during the period. Moody Lynn & Lieberson LLC increased its stake in shares of Lear Corp. by 1.0% in the second quarter. Moody Lynn & Lieberson LLC now owns 3,040 shares of the company’s stock worth $309,000 after buying an additional 31 shares during the period. Finally, BB&T Securities LLC increased its stake in shares of Lear Corp. by 1.7% in the second quarter. BB&T Securities LLC now owns 2,386 shares of the company’s stock worth $242,000 after buying an additional 40 shares during the period. 94.70% of the stock is owned by hedge funds and other institutional investors.
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.
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