Lear Corp. (LEA) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Lear Corp. (NYSE:LEA) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $144.00 price objective on the stock.
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. “
LEA has been the subject of a number of other research reports. Royal Bank Of Canada lowered shares of Lear Corp. from an outperform rating to a sector perform rating and increased their target price for the stock from $120.00 to $121.00 in a research report on Friday, October 14th. Goldman Sachs Group Inc. lowered shares of Lear Corp. from a neutral rating to a sell rating and cut their target price for the stock from $116.00 to $107.00 in a research report on Thursday, October 6th. RBC Capital Markets lowered shares of Lear Corp. from an outperform rating to a sector perform rating and increased their target price for the stock from $120.00 to $121.00 in a research report on Friday, October 14th. They noted that the move was a valuation call. Bank of America Corp. lowered shares of Lear Corp. from a neutral rating to an underperform rating and cut their target price for the stock from $145.00 to $115.00 in a research report on Wednesday, November 9th. Finally, Robert W. Baird assumed coverage on shares of Lear Corp. in a research report on Monday, October 10th. They set a neutral rating and a $133.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $126.75.
Shares of Lear Corp. (NYSE:LEA) opened at 128.06 on Tuesday. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 9.73 and a beta of 1.29. Lear Corp. has a one year low of $93.54 and a one year high of $130.59. The company’s 50 day moving average is $121.05 and its 200-day moving average is $115.83.
Lear Corp. (NYSE:LEA) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $3.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.96 by $0.23. Lear Corp. had a net margin of 5.26% and a return on equity of 31.86%. The business earned $4.50 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter last year, the company posted $2.56 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts expect that Lear Corp. will post $13.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $1.20 annualized dividend and a yield of 0.94%. Lear Corp.’s payout ratio is 9.12%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of the company’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased 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 valued at $580,484,000 after buying an additional 502,415 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Lear Corp. by 2.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,571,301 shares of the company’s stock valued at $311,693,000 after buying an additional 70,313 shares during the last quarter. Bank of Montreal Can acquired a new position in Lear Corp. during the second quarter valued at $222,829,000. AQR Capital Management LLC increased 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 valued at $169,739,000 after buying an additional 392,597 shares during the last quarter. Finally, Harris Associates L P increased its position in Lear Corp. by 3.2% in the third quarter. Harris Associates L P now owns 1,473,384 shares of the company’s stock valued at $178,604,000 after buying an additional 45,450 shares during the last quarter. Institutional investors and hedge funds own 97.85% 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.
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