Lear Co. (LEA) Shares Bought by Meadow Creek Investment Management LLC
Meadow Creek Investment Management LLC boosted its position in shares of Lear Co. (NYSE:LEA) by 18.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 74,392 shares of the auto parts company’s stock after purchasing an additional 11,526 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Lear were worth $13,142,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerebellum GP LLC acquired a new position in shares of Lear in the fourth quarter worth $126,000. Tower Research Capital LLC TRC raised its holdings in shares of Lear by 69.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,010 shares of the auto parts company’s stock worth $178,000 after acquiring an additional 413 shares during the last quarter. Financial Gravity Companies Inc. acquired a new position in shares of Lear in the fourth quarter worth $183,000. Focused Wealth Management Inc acquired a new position in shares of Lear in the fourth quarter worth $186,000. Finally, IFM Investors Pty Ltd acquired a new position in shares of Lear in the fourth quarter worth $204,000. Institutional investors own 95.90% of the company’s stock.
In other Lear news, SVP Mel Stephens sold 17,006 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $193.00, for a total transaction of $3,282,158.00. Following the completion of the sale, the senior vice president now owns 15,694 shares of the company’s stock, valued at $3,028,942. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jay K. Kunkel sold 6,694 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $1,272,797.16. Following the sale, the insider now directly owns 12,056 shares of the company’s stock, valued at approximately $2,292,327.84. The disclosure for this sale can be found here. Insiders sold 261,115 shares of company stock valued at $49,699,331 over the last quarter. Insiders own 0.49% of the company’s stock.
Lear (NYSE:LEA) last released its earnings results on Friday, January 26th. The auto parts company reported $4.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.25 by $0.13. The firm had revenue of $5.36 billion during the quarter, compared to analyst estimates of $5.27 billion. Lear had a return on equity of 30.32% and a net margin of 6.42%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.80 earnings per share. equities analysts predict that Lear Co. will post 18.32 EPS for the current fiscal year.
Lear announced that its board has initiated a share buyback plan on Wednesday, February 14th that permits the company to buyback $954.00 million in shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be paid a $0.70 dividend. This is a positive change from Lear’s previous quarterly dividend of $0.50. This represents a $2.80 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Tuesday, March 6th. Lear’s dividend payout ratio is presently 15.05%.
A number of research firms have recently weighed in on LEA. Robert W. Baird reissued a “buy” rating and issued a $213.00 price target on shares of Lear in a report on Friday, January 26th. Jefferies Group reissued a “buy” rating and issued a $231.00 price target on shares of Lear in a report on Monday, January 29th. Goldman Sachs Group raised Lear from a “sell” rating to a “neutral” rating and set a $187.00 price target for the company in a report on Tuesday, January 30th. Guggenheim set a $206.00 price target on Lear and gave the stock a “hold” rating in a report on Monday, January 29th. Finally, Zacks Investment Research raised Lear from a “hold” rating to a “buy” rating and set a $221.00 price target for the company in a report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lear presently has an average rating of “Buy” and a consensus price target of $191.11.
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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