Northern Trust Corp grew its position in shares of Lear Co. (NYSE:LEA) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 614,017 shares of the auto parts company’s stock after purchasing an additional 1,626 shares during the quarter. Northern Trust Corp owned about 0.98% of Lear worth $75,438,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Massey Quick Simon & CO. LLC bought a new stake in shares of Lear in the 4th quarter valued at $32,000. IMS Capital Management bought a new stake in shares of Lear in the 3rd quarter valued at $38,000. Oregon Public Employees Retirement Fund increased its stake in shares of Lear by 11,007.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock valued at $40,000 after acquiring an additional 4,854,451 shares in the last quarter. Rational Advisors LLC bought a new stake in shares of Lear in the 4th quarter valued at $49,000. Finally, Daiwa SB Investments Ltd. increased its stake in shares of Lear by 7.8% in the 4th quarter. Daiwa SB Investments Ltd. now owns 1,250 shares of the auto parts company’s stock valued at $154,000 after acquiring an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 89.50% of the company’s stock.
NYSE LEA opened at $140.54 on Friday. Lear Co. has a 12-month low of $114.45 and a 12-month high of $206.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 1.13. The firm has a market capitalization of $9.13 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 3.25 and a beta of 1.35.
Lear (NYSE:LEA) last posted its quarterly earnings results on Friday, January 25th. The auto parts company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.09. Lear had a net margin of 5.37% and a return on equity of 27.12%. The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the firm posted $4.38 EPS. Lear’s revenue was down 7.9% compared to the same quarter last year. On average, sell-side analysts expect that Lear Co. will post 17.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Friday, March 1st will be given a $0.75 dividend. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $3.00 annualized dividend and a yield of 2.13%. This is an increase from Lear’s previous quarterly dividend of $0.70. Lear’s dividend payout ratio (DPR) is presently 16.47%.
Lear declared that its board has initiated a share buyback program on Thursday, February 7th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the auto parts company to repurchase up to 15.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have recently weighed in on LEA. UBS Group upgraded shares of Lear from a “neutral” rating to a “buy” rating in a research note on Friday, January 4th. Buckingham Research upgraded shares of Lear from a “neutral” rating to a “buy” rating in a research note on Monday, January 7th. KeyCorp began coverage on shares of Lear in a research note on Monday, December 10th. They issued an “overweight” rating and a $178.00 price objective for the company. Jefferies Financial Group began coverage on shares of Lear in a research note on Tuesday, December 4th. They issued a “buy” rating and a $166.00 price objective for the company. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $182.00 price objective (up previously from $163.00) on shares of Lear in a research note on Monday, January 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $180.57.
In other Lear news, VP Shari L. Burgess sold 3,500 shares of Lear stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total transaction of $546,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Terrence B. Larkin sold 18,985 shares of Lear stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $155.28, for a total transaction of $2,947,990.80. Following the transaction, the executive vice president now directly owns 2,752 shares in the company, valued at $427,330.56. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
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Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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