Lear Corporation (LEA) Downgraded to Neutral at UBS AG
UBS AG lowered shares of Lear Corporation (NYSE:LEA) from a buy rating to a neutral rating in a research note released on Tuesday morning. The firm currently has $182.00 price target on the auto parts company’s stock, up from their prior price target of $158.00.
A number of other analysts also recently commented on the company. Guggenheim assumed coverage on Lear Corporation in a report on Wednesday, June 21st. They set a buy rating and a $167.00 price objective for the company. BidaskClub cut Lear Corporation from a strong-buy rating to a buy rating in a report on Saturday, June 17th. ValuEngine cut Lear Corporation from a strong-buy rating to a buy rating in a report on Saturday, June 17th. Robert W. Baird reissued a buy rating and set a $178.00 price target on shares of Lear Corporation in a research report on Friday, September 1st. Finally, KeyCorp reissued a buy rating and set a $180.00 price target on shares of Lear Corporation in a research report on Sunday, September 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $161.31.
Shares of Lear Corporation (NYSE LEA) traded up 0.858% during mid-day trading on Tuesday, hitting $175.765. 127,462 shares of the stock traded hands. The stock has a 50 day moving average price of $156.87 and a 200-day moving average price of $146.37. The company has a market cap of $11.96 billion, a P/E ratio of 11.711 and a beta of 1.35. Lear Corporation has a one year low of $110.77 and a one year high of $177.24.
Lear Corporation (NYSE:LEA) last announced its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.11 by $0.28. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $4.89 billion. Lear Corporation had a net margin of 5.51% and a return on equity of 32.34%. Lear Corporation’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $3.66 EPS. On average, analysts forecast that Lear Corporation will post $16.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Thursday, August 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.15%. The ex-dividend date was Tuesday, August 29th. Lear Corporation’s dividend payout ratio (DPR) is 13.28%.
In related news, Director Jonathan F. Foster sold 2,854 shares of the firm’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $173.39, for a total transaction of $494,855.06. Following the completion of the sale, the director now directly owns 7,761 shares of the company’s stock, valued at approximately $1,345,679.79. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Mel Stephens sold 2,411 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $172.88, for a total transaction of $416,813.68. Following the sale, the senior vice president now directly owns 44,484 shares of the company’s stock, valued at $7,690,393.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,404 shares of company stock worth $1,601,681. Corporate insiders own 0.49% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in LEA. Lord Abbett & CO. LLC acquired a new position in Lear Corporation in the 2nd quarter worth $7,331,000. USA Financial Portformulas Corp purchased a new position in Lear Corporation in the 2nd quarter valued at about $733,000. Toronto Dominion Bank boosted its position in Lear Corporation by 10.9% in the 2nd quarter. Toronto Dominion Bank now owns 852 shares of the auto parts company’s stock valued at $121,000 after buying an additional 84 shares during the last quarter. Cetera Investment Advisers purchased a new position in Lear Corporation in the 2nd quarter valued at about $562,000. Finally, Advisory Services Network LLC boosted its position in Lear Corporation by 7.3% in the 2nd quarter. Advisory Services Network LLC now owns 2,961 shares of the auto parts company’s stock valued at $421,000 after buying an additional 202 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.
Lear Corporation 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’s segments include Seating and E-Systems.
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