Lear (NYSE:LEA – Free Report) had its target price trimmed by The Goldman Sachs Group from $140.00 to $124.00 in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm currently has a neutral rating on the auto parts company’s stock.
A number of other brokerages have also commented on LEA. Wall Street Zen lowered shares of Lear from a “buy” rating to a “hold” rating in a research note on Sunday, September 20th. JPMorgan Chase & Co. restated a “neutral” rating and set a $150.00 price objective (down from $175.00) on shares of Lear in a research report on Tuesday, September 15th. Weiss Ratings cut Lear from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 9th. Barclays upped their target price on Lear from $150.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada increased their target price on Lear from $138.00 to $143.00 and gave the stock a “sector perform” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $145.00.
View Our Latest Analysis on Lear
Lear Stock Up 0.6%
Lear (NYSE:LEA – Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The auto parts company reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.30. The business had revenue of $6.21 billion during the quarter, compared to the consensus estimate of $6.15 billion. Lear had a return on equity of 14.18% and a net margin of 2.35%.The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $3.06 EPS. As a group, research analysts anticipate that Lear will post 14.86 EPS for the current year.
Lear Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd were issued a $0.77 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $3.08 annualized dividend and a yield of 2.5%. Lear’s payout ratio is currently 28.70%.
Lear declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 25.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling at Lear
In other news, Director Conrad L. Mallett, Jr. sold 1,646 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $121.35, for a total transaction of $199,742.10. Following the sale, the director directly owned 37 shares of the company’s stock, valued at approximately $4,489.95. This represents a 97.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.02% of the company’s stock.
Institutional Trading of Lear
A number of institutional investors and hedge funds have recently made changes to their positions in LEA. IFP Advisors Inc lifted its stake in Lear by 14.3% in the second quarter. IFP Advisors Inc now owns 624 shares of the auto parts company’s stock valued at $84,000 after buying an additional 78 shares during the period. Altshuler Shaham Ltd grew its position in shares of Lear by 36.5% during the 1st quarter. Altshuler Shaham Ltd now owns 303 shares of the auto parts company’s stock worth $37,000 after buying an additional 81 shares during the period. Versant Capital Management Inc increased its stake in shares of Lear by 3.8% in the 2nd quarter. Versant Capital Management Inc now owns 2,260 shares of the auto parts company’s stock valued at $303,000 after acquiring an additional 82 shares in the last quarter. Waterfront Wealth Inc. lifted its position in shares of Lear by 0.5% during the 1st quarter. Waterfront Wealth Inc. now owns 17,404 shares of the auto parts company’s stock valued at $2,107,000 after acquiring an additional 89 shares during the period. Finally, Parkside Financial Bank & Trust lifted its position in shares of Lear by 15.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 844 shares of the auto parts company’s stock valued at $113,000 after acquiring an additional 114 shares during the period. Institutional investors own 97.04% of the company’s stock.
About Lear
Lear Corporation (NYSE: LEA) is a global automotive technology supplier that designs and manufactures products used by vehicle manufacturers worldwide. The company’s principal business areas are seating systems and e-systems, which support the functionality, comfort, safety and connectivity of modern vehicles.
Lear’s seating business provides complete seating systems and related components, including seat structures, mechanisms, foam, trim, covers and comfort technologies. Its e-systems business develops electrical distribution systems, connection systems, electronic components and software-enabled technologies that help manage power, data and connectivity within vehicles.
Founded in 1917 and headquartered in Southfield, Michigan, Lear serves automotive manufacturers through operations and facilities across major vehicle-producing regions, including North America, Europe and Asia.
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