Lear Corp. (LEA) Downgraded by Zacks Investment Research
Lear Corp. (NYSE:LEA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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. “
Other equities analysts also recently issued reports about the company. Citigroup Inc. boosted their target price on Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Seaport Global Securities initiated coverage on Lear Corp. in a research report on Tuesday, August 9th. They issued a “neutral” rating on the stock. Robert W. Baird began coverage on Lear Corp. in a research report on Monday, October 10th. They issued a “neutral” rating and a $133.00 target price on the stock. RBC Capital Markets reissued a “sector perform” rating and set a $127.00 price objective (up from $121.00) on shares of Lear Corp. in a research note on Thursday, October 27th. Finally, Royal Bank Of Canada boosted their price objective on Lear Corp. from $121.00 to $127.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $126.75.
Shares of Lear Corp. (NYSE:LEA) opened at 128.06 on Wednesday. The firm’s 50-day moving average price is $121.05 and its 200 day moving average price is $115.83. Lear Corp. has a one year low of $93.54 and a one year high of $130.59. The firm has a market cap of $8.99 billion, a P/E ratio of 9.73 and a beta of 1.29.
Lear Corp. (NYSE:LEA) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $3.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.96 by $0.23. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same quarter in the previous year, the company posted $2.56 earnings per share. Lear Corp.’s revenue was up 4.5% compared to the same quarter last year. Analysts predict 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. Stockholders of record on Friday, December 9th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, December 7th. This represents a $1.20 annualized dividend and a dividend yield of 0.94%. Lear Corp.’s dividend payout ratio is presently 9.12%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of the stock in a transaction dated 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 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 Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can acquired a new position in Lear Corp. during the second quarter worth $222,829,000. Prudential Financial Inc. raised its position in Lear Corp. by 292.7% in the third quarter. Prudential Financial Inc. now owns 686,532 shares of the company’s stock worth $83,222,000 after buying an additional 511,701 shares during the period. Vanguard Group Inc. raised its position in Lear Corp. by 9.7% in the second quarter. Vanguard Group Inc. now owns 5,704,450 shares of the company’s stock worth $580,484,000 after buying an additional 502,415 shares during the period. Old Mutual Global Investors UK Ltd. raised its position in Lear Corp. by 2,184.5% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 476,476 shares of the company’s stock worth $57,758,000 after buying an additional 455,619 shares during the period. Finally, AQR Capital Management LLC raised its position in Lear Corp. by 30.8% in the second quarter. AQR Capital Management LLC now owns 1,668,029 shares of the company’s stock worth $169,739,000 after buying an additional 392,597 shares during the period. 97.85% of the stock is currently 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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