State Board of Administration of Florida Retirement System Reduces Position in Lear Co. (NYSE:LEA)

State Board of Administration of Florida Retirement System decreased its holdings in shares of Lear Co. (NYSE:LEA) by 2.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 82,483 shares of the auto parts company’s stock after selling 1,880 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Lear were worth $8,995,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Lear by 14.2% during the second quarter. FMR LLC now owns 5,053,187 shares of the auto parts company’s stock worth $550,899,000 after buying an additional 628,787 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Lear by 2.2% during the third quarter. Wells Fargo & Company MN now owns 1,568,801 shares of the auto parts company’s stock worth $171,078,000 after buying an additional 34,479 shares in the last quarter. Paradice Investment Management LLC grew its holdings in shares of Lear by 8.5% during the second quarter. Paradice Investment Management LLC now owns 620,859 shares of the auto parts company’s stock worth $67,686,000 after buying an additional 48,430 shares in the last quarter. Greenhaven Associates Inc. grew its holdings in shares of Lear by 76.8% during the third quarter. Greenhaven Associates Inc. now owns 514,921 shares of the auto parts company’s stock worth $56,152,000 after buying an additional 223,710 shares in the last quarter. Finally, Ardevora Asset Management LLP purchased a new stake in shares of Lear during the second quarter worth $44,130,000. 94.65% of the stock is owned by institutional investors and hedge funds.

Shares of LEA opened at $139.18 on Friday. The stock has a market capitalization of $8.36 billion, a PE ratio of 79.08, a P/E/G ratio of 2.56 and a beta of 1.58. Lear Co. has a 1 year low of $63.20 and a 1 year high of $144.66. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.06 and a current ratio of 1.31. The company’s 50-day simple moving average is $129.29 and its 200-day simple moving average is $115.66.

Lear (NYSE:LEA) last issued its quarterly earnings results on Wednesday, November 4th. The auto parts company reported $3.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.22 by $0.51. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Lear had a net margin of 0.50% and a return on equity of 6.17%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.54 earnings per share. On average, sell-side analysts predict that Lear Co. will post 4.61 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 29th. Investors of record on Thursday, December 10th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, December 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.72%.

LEA has been the subject of a number of research reports. KeyCorp upped their target price on shares of Lear from $135.00 to $148.00 and gave the stock an “overweight” rating in a report on Tuesday, October 6th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Lear from $134.00 to $146.00 and gave the company a “hold” rating in a report on Tuesday, October 13th. Bank of America reissued a “neutral” rating on shares of Lear in a report on Tuesday. JPMorgan Chase & Co. upped their price objective on shares of Lear from $125.00 to $149.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Finally, Citigroup upped their price objective on shares of Lear from $104.00 to $128.00 and gave the company a “neutral” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $128.94.

About Lear

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, South America, and internationally. Its Seating segment offers leather and fabric products, seat covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles.

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Institutional Ownership by Quarter for Lear (NYSE:LEA)

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