Prudential Financial Inc. Has $83,222,000 Stake in Lear Corp. (LEA)
Prudential Financial Inc. boosted its position in Lear Corp. (NYSE:LEA) by 292.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 686,532 shares of the company’s stock after buying an additional 511,701 shares during the period. Prudential Financial Inc. owned about 0.98% of Lear Corp. worth $83,222,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Lear Corp. by 30.6% in the second quarter. Royal Bank of Canada now owns 362,176 shares of the company’s stock worth $36,854,000 after buying an additional 84,929 shares during the period. Bank of Montreal Can purchased a new position in shares of Lear Corp. during the second quarter worth approximately $222,829,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Lear Corp. by 2.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 260,879 shares of the company’s stock worth $26,547,000 after buying an additional 5,287 shares during the period. British Columbia Investment Management Corp increased its position in shares of Lear Corp. by 35.0% in the second quarter. British Columbia Investment Management Corp now owns 58,113 shares of the company’s stock worth $5,914,000 after buying an additional 15,069 shares during the period. Finally, PGGM Investments increased its position in shares of Lear Corp. by 35.3% in the second quarter. PGGM Investments now owns 346,152 shares of the company’s stock worth $35,224,000 after buying an additional 90,279 shares during the period. 97.85% of the stock is currently owned by institutional investors.
Lear Corp. (NYSE:LEA) opened at 128.06 on Wednesday. The firm’s 50-day moving average is $121.05 and its 200 day moving average is $115.83. The firm has a market cap of $8.99 billion, a PE ratio of 9.73 and a beta of 1.29. Lear Corp. has a 12-month low of $93.54 and a 12-month high of $130.59.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $3.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.96 by $0.23. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.45 billion. Lear Corp. had a net margin of 5.26% and a return on equity of 31.86%. The company’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.56 EPS. Equities research analysts predict that Lear Corp. will post $13.69 EPS for the current year.
The business 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 of this dividend is Wednesday, December 7th. This represents a $1.20 annualized dividend and a dividend yield of 0.94%. Lear Corp.’s payout ratio is currently 9.12%.
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A number of equities research analysts have weighed in on LEA shares. Royal Bank Of Canada cut shares of Lear Corp. from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $120.00 to $121.00 in a research report on Friday, October 14th. Zacks Investment Research upgraded 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. Goldman Sachs Group Inc. cut shares of Lear Corp. from a “neutral” rating to a “sell” rating and dropped their price target for the company from $116.00 to $107.00 in a research report on Thursday, October 6th. RBC Capital Markets cut shares of Lear Corp. from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $120.00 to $121.00 in a research report on Friday, October 14th. They noted that the move was a valuation call. Finally, Bank of America Corp. cut shares of Lear Corp. from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $145.00 to $115.00 in a research report on Wednesday, November 9th. 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 stock. The company has an average rating of “Hold” and an average target price of $126.75.
In other news, Director Jonathan F. Foster sold 1,500 shares of the stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $119.24, for a total transaction of $178,860.00. Following 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 SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.
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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