Lear (NYSE:LEA) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Lear (NYSE:LEA) issued its earnings results on Tuesday. The auto parts company reported $3.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.14, Briefing.com reports. The company had revenue of $5.99 billion for the quarter, compared to analyst estimates of $6 billion. Lear had a net margin of 2.44% and a return on equity of 14.09%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.78 EPS. Lear updated its FY 2024 guidance to EPS.

Lear Stock Down 1.2 %

LEA stock traded down $1.51 during mid-day trading on Wednesday, hitting $124.36. 487,117 shares of the company were exchanged, compared to its average volume of 554,313. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.35. The firm has a market cap of $7.08 billion, a P/E ratio of 12.85, a P/E/G ratio of 0.34 and a beta of 1.54. The firm’s 50 day simple moving average is $138.83 and its 200 day simple moving average is $135.84. Lear has a 1-year low of $117.79 and a 1-year high of $157.90.

Lear Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 8th were issued a dividend of $0.77 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $3.08 annualized dividend and a yield of 2.48%. Lear’s dividend payout ratio (DPR) is currently 31.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Lear from $140.00 to $150.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. StockNews.com raised shares of Lear from a “hold” rating to a “buy” rating in a research note on Tuesday. Benchmark raised their target price on shares of Lear from $188.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Barclays increased their price target on shares of Lear from $170.00 to $175.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. increased their price target on shares of Lear from $177.00 to $179.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Lear has a consensus rating of “Moderate Buy” and a consensus price target of $162.44.

Insiders Place Their Bets

In other Lear news, CEO Raymond E. Scott sold 10,652 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $132.86, for a total transaction of $1,415,224.72. Following the sale, the chief executive officer now directly owns 13,627 shares in the company, valued at approximately $1,810,483.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Jason M. Cardew sold 2,750 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $140.81, for a total value of $387,227.50. Following the completion of the transaction, the chief financial officer now directly owns 17,506 shares of the company’s stock, valued at $2,465,019.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Raymond E. Scott sold 10,652 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $132.86, for a total transaction of $1,415,224.72. Following the completion of the transaction, the chief executive officer now directly owns 13,627 shares of the company’s stock, valued at $1,810,483.22. The disclosure for this sale can be found here. Corporate insiders own 0.79% of the company’s stock.

Lear Company Profile

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.