Lear Corp. (LEA) Stake Lowered by Hennessy Advisors Inc.
Hennessy Advisors Inc. cut its stake in Lear Corp. (NYSE:LEA) by 12.4% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 256,000 shares of the company’s stock after selling 36,400 shares during the period. Hennessy Advisors Inc. owned 0.36% of Lear Corp. worth $31,032,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can purchased a new position in shares of Lear Corp. during the second quarter valued at approximately $222,829,000. Vanguard Group Inc. boosted its position in shares of Lear Corp. by 9.7% in the second quarter. Vanguard Group Inc. now owns 5,704,450 shares of the company’s stock valued at $580,484,000 after buying an additional 502,415 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Lear Corp. by 30.8% in the second quarter. AQR Capital Management LLC now owns 1,668,029 shares of the company’s stock valued at $169,739,000 after buying an additional 392,597 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Lear Corp. by 259.0% in the second quarter. American Century Companies Inc. now owns 531,695 shares of the company’s stock valued at $54,105,000 after buying an additional 383,579 shares during the last quarter. Finally, Numeric Investors LLC boosted its position in shares of Lear Corp. by 74.8% in the second quarter. Numeric Investors LLC now owns 858,300 shares of the company’s stock valued at $87,341,000 after buying an additional 367,400 shares during the last quarter. Institutional investors own 97.85% of the company’s stock.
Lear Corp. (NYSE:LEA) traded down 0.72% during trading on Monday, hitting $128.69. 284,329 shares of the stock were exchanged. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 9.77 and a beta of 1.29. The firm’s 50 day moving average price is $120.83 and its 200-day moving average price is $115.73. Lear Corp. has a 1-year low of $93.54 and a 1-year high of $130.59.
Lear Corp. (NYSE:LEA) last posted its earnings results on Wednesday, October 26th. The company reported $3.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.96 by $0.23. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.45 billion. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.56 EPS. On average, analysts anticipate that Lear Corp. will post $13.69 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $1.20 annualized dividend and a dividend yield of 0.93%. Lear Corp.’s dividend payout ratio is presently 9.12%.
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Several research analysts have commented on LEA shares. RBC Capital Markets reiterated a “sector perform” rating and issued a $127.00 target price (up from $121.00) on shares of Lear Corp. in a report on Thursday, October 27th. Zacks Investment Research raised shares of Lear Corp. from a “hold” rating to a “buy” rating and set a $136.00 price target for the company in a research report on Tuesday, October 4th. Bank of America Corp. lowered shares of Lear Corp. from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $145.00 to $115.00 in a research report on Wednesday, November 9th. Goldman Sachs Group Inc. lowered shares of Lear Corp. from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $116.00 to $107.00 in a research report on Thursday, October 6th. Finally, Robert W. Baird initiated coverage on shares of Lear Corp. in a research report on Monday, October 10th. They issued a “neutral” rating and a $133.00 price target for the company. 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 stock. The company has a consensus rating of “Hold” and a consensus target price of $126.75.
In related news, Director Jonathan F. Foster sold 1,500 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $479,941. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by corporate insiders.
Lear Corp. Company Profile
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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