Lear Corporation $LEA Shares Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its position in shares of Lear Corporation (NYSE:LEA) by 27.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 31,440 shares of the auto parts company’s stock after buying an additional 6,720 shares during the period. Convergence Investment Partners LLC’s holdings in Lear were worth $3,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LEA. Altshuler Shaham Ltd acquired a new position in Lear in the 4th quarter valued at $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Lear during the fourth quarter worth $30,000. Global Retirement Partners LLC grew its position in shares of Lear by 942.3% in the fourth quarter. Global Retirement Partners LLC now owns 271 shares of the auto parts company’s stock valued at $31,000 after purchasing an additional 245 shares during the period. WealthCollab LLC acquired a new position in Lear in the second quarter valued at $28,000. Finally, Allworth Financial LP increased its stake in Lear by 62.6% in the third quarter. Allworth Financial LP now owns 309 shares of the auto parts company’s stock valued at $31,000 after purchasing an additional 119 shares during the last quarter. 97.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on LEA shares. Wells Fargo & Company lifted their price target on Lear from $133.00 to $137.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. The Goldman Sachs Group increased their price objective on shares of Lear from $115.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft set a $133.00 target price on shares of Lear in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price target on shares of Lear from $153.00 to $159.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Finally, UBS Group lowered their price objective on shares of Lear from $145.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $144.62.

Lear Stock Performance

Shares of LEA stock opened at $140.21 on Tuesday. The company’s fifty day simple moving average is $138.57 and its 200-day simple moving average is $129.74. Lear Corporation has a 52 week low of $91.67 and a 52 week high of $150.33. The company has a current ratio of 1.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The company has a market cap of $7.02 billion, a PE ratio of 14.02, a P/E/G ratio of 0.68 and a beta of 1.25.

Lear (NYSE:LEA) last announced its quarterly earnings results on Friday, May 1st. The auto parts company reported $3.87 earnings per share for the quarter, topping analysts’ consensus estimates of $3.51 by $0.36. Lear had a net margin of 2.25% and a return on equity of 13.69%. The firm had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.84 billion. During the same period in the prior year, the company earned $3.12 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that Lear Corporation will post 14.81 EPS for the current year.

Lear Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Wednesday, June 3rd were paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, June 3rd. Lear’s payout ratio is currently 30.80%.

Insider Buying and Selling

In related news, SVP Nicholas Jon Roelli sold 2,336 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $141.38, for a total transaction of $330,263.68. Following the transaction, the senior vice president directly owned 2,339 shares of the company’s stock, valued at approximately $330,687.82. The trade was a 49.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Raymond E. Scott sold 50,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $135.37, for a total transaction of $6,768,500.00. Following the completion of the sale, the chief executive officer directly owned 49,789 shares of the company’s stock, valued at $6,739,936.93. This trade represents a 50.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 62,026 shares of company stock worth $8,498,248 over the last three months. 1.02% of the stock is currently owned by corporate insiders.

Lear Profile

Lear Corporation (NYSE: LEA) is a global supplier of automotive seating and electrical distribution systems. The company designs, engineers and manufactures complete seat systems, seat components and power solutions for major vehicle manufacturers. Its electrical business delivers modules and components for battery management, infotainment, body and safety electronics, as well as advanced connectivity and electrification solutions.

The seating division develops lightweight, ergonomic seat structures, trim and mechanisms that address comfort, safety and environmental targets.