Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in shares of Lear Co. (NYSE:LEA) by 6.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 256,256 shares of the auto parts company’s stock after buying an additional 15,700 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned about 0.38% of Lear worth $45,270,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Gotham Asset Management LLC lifted its position in shares of Lear by 41.9% during the fourth quarter. Gotham Asset Management LLC now owns 90,735 shares of the auto parts company’s stock valued at $16,029,000 after buying an additional 26,771 shares during the last quarter. Vident Investment Advisory LLC lifted its position in shares of Lear by 7.6% during the fourth quarter. Vident Investment Advisory LLC now owns 19,191 shares of the auto parts company’s stock valued at $3,390,000 after buying an additional 1,350 shares during the last quarter. Clark Capital Management Group Inc. increased its holdings in shares of Lear by 6.3% during the fourth quarter. Clark Capital Management Group Inc. now owns 132,469 shares of the auto parts company’s stock valued at $23,402,000 after acquiring an additional 7,798 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Lear by 10.6% during the fourth quarter. LPL Financial LLC now owns 17,109 shares of the auto parts company’s stock valued at $3,022,000 after acquiring an additional 1,634 shares in the last quarter. Finally, Meadow Creek Investment Management LLC increased its holdings in shares of Lear by 18.3% during the fourth quarter. Meadow Creek Investment Management LLC now owns 74,392 shares of the auto parts company’s stock valued at $13,142,000 after acquiring an additional 11,526 shares in the last quarter. 95.76% of the stock is owned by institutional investors and hedge funds.
LEA has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Lear from a “hold” rating to a “buy” rating and set a $199.00 price objective on the stock in a report on Tuesday, December 26th. Barclays restated a “hold” rating and set a $200.00 price objective on shares of Lear in a report on Sunday, January 21st. ValuEngine upgraded shares of Lear from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Longbow Research initiated coverage on shares of Lear in a report on Friday, January 5th. They set a “buy” rating and a $225.00 price objective on the stock. Finally, Robert W. Baird restated a “buy” rating and set a $213.00 price objective on shares of Lear in a report on Friday, January 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Lear has an average rating of “Buy” and a consensus target price of $190.95.
In related news, CEO Matthew Simoncini sold 100,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $19,014,000.00. Following the transaction, the chief executive officer now owns 56,818 shares in the company, valued at approximately $10,803,374.52. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Donald L. Runkle sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $190.67, for a total transaction of $190,670.00. Following the sale, the director now directly owns 2,944 shares in the company, valued at approximately $561,332.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 261,115 shares of company stock worth $49,699,331. 0.49% of the stock is owned by corporate insiders.
Lear Co. (NYSE LEA) opened at $188.82 on Tuesday. Lear Co. has a fifty-two week low of $132.01 and a fifty-two week high of $202.42. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.36 and a quick ratio of 1.11. The firm has a market cap of $12,763.68, a P/E ratio of 10.16 and a beta of 1.46.
Lear (NYSE:LEA) last issued its quarterly earnings results on Friday, January 26th. The auto parts company reported $4.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.25 by $0.13. Lear had a net margin of 6.42% and a return on equity of 30.32%. The company had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.27 billion. During the same quarter in the prior year, the company earned $3.80 EPS. Lear’s quarterly revenue was up 15.5% on a year-over-year basis. analysts expect that Lear Co. will post 18.32 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Tuesday, March 6th. This is an increase from Lear’s previous quarterly dividend of $0.50. Lear’s dividend payout ratio is 15.05%.
Lear announced that its Board of Directors has approved a share repurchase program on Wednesday, February 14th that permits the company to buyback $954.00 million in outstanding shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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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