Lear Corp. (LEA) Lowered 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. “
Several other research analysts have also recently weighed in on the stock. Bank of America Corp. cut shares of Lear Corp. from a neutral rating to an underperform rating and dropped their price objective for the stock from $145.00 to $115.00 in a research report on Wednesday, November 9th. RBC Capital Markets restated a sector perform rating and issued a $127.00 price objective (up previously from $121.00) on shares of Lear Corp. in a research report on Thursday, October 27th. Royal Bank Of Canada boosted their price objective on shares of Lear Corp. from $121.00 to $127.00 and gave the stock a sector perform rating in a research report on Thursday, October 27th. Robert W. Baird began coverage on shares of Lear Corp. in a research report on Monday, October 10th. They issued a neutral rating and a $133.00 price objective for the company. Finally, Goldman Sachs Group Inc. cut shares of Lear Corp. from a neutral rating to a sell rating and dropped their price objective for the stock from $116.00 to $107.00 in a research report on Thursday, October 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. Lear Corp. presently has an average rating of Hold and an average target price of $126.75.
Shares of Lear Corp. (NYSE:LEA) opened at 128.69 on Wednesday. Lear Corp. has a 12 month low of $93.54 and a 12 month high of $130.59. The stock has a 50 day moving average price of $120.72 and a 200 day moving average price of $115.63. The firm has a market cap of $9.03 billion, a PE ratio of 9.77 and a beta of 1.29.
Lear Corp. (NYSE:LEA) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $3.19 earnings per share for the quarter, topping the consensus estimate of $2.96 by $0.23. Lear Corp. had a net margin of 5.26% and a return on equity of 31.86%. The firm earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.45 billion. During the same quarter in the previous year, the company posted $2.56 EPS. Lear Corp.’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts expect that Lear Corp. will post $13.69 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 9th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.93%. Lear Corp.’s payout ratio is 9.12%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $119.24, for a total value of $178,860.00. Following the sale, the director now directly owns 4,025 shares of the company’s stock, valued at approximately $479,941. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Piedmont Investment Advisors LLC bought a new position in Lear Corp. during the third quarter valued at $170,000. Price T Rowe Associates Inc. MD boosted its position in Lear Corp. by 1.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 29,859 shares of the company’s stock valued at $3,620,000 after buying an additional 430 shares in the last quarter. Quantitative Systematic Strategies LLC boosted its position in Lear Corp. by 133.1% in the third quarter. Quantitative Systematic Strategies LLC now owns 17,854 shares of the company’s stock valued at $2,125,000 after buying an additional 10,193 shares in the last quarter. Candriam Luxembourg S.C.A. bought a new position in Lear Corp. during the third quarter valued at $4,034,000. Finally, Dai Ichi Life Holdings Inc. bought a new position in Lear Corp. during the third quarter valued at $207,000. 95.88% of the stock is currently owned by 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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