Lear (NYSE:LEA – Get Free Report) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday, Wall Street Zen reports.
Several other research analysts have also recently issued reports on LEA. BNP Paribas Exane cut shares of Lear from an “outperform” rating to a “neutral” rating in a report on Monday, August 3rd. Royal Bank Of Canada lifted their price target on shares of Lear from $138.00 to $143.00 and gave the stock a “sector perform” rating in a research note on Monday, July 13th. TD Cowen raised shares of Lear from a “hold” rating to a “buy” rating and boosted their price target for the company from $138.00 to $165.00 in a research report on Tuesday, May 26th. The Goldman Sachs Group restated a “neutral” rating and issued a $140.00 price objective on shares of Lear in a research note on Saturday, August 1st. Finally, Barclays raised their price objective on Lear from $150.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $146.33.
View Our Latest Analysis on LEA
Lear Price Performance
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 analysts’ consensus estimates of $3.98 by $0.30. The firm 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 firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $3.06 earnings per share. As a group, equities research analysts forecast that Lear will post 14.86 EPS for the current fiscal year.
Insider Buying and Selling at Lear
In related news, Director Conrad L. Mallett, Jr. sold 1,646 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $121.35, for a total value of $199,742.10. Following the completion of the sale, the director owned 37 shares in the company, valued at $4,489.95. This represents a 97.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Raymond Scott sold 50,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $135.37, for a total transaction of $6,768,500.00. Following the sale, the chief executive officer owned 49,789 shares of the company’s stock, valued at approximately $6,739,936.93. This represents a 50.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.02% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Lear
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Lear by 3.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,943,480 shares of the auto parts company’s stock valued at $356,380,000 after acquiring an additional 107,678 shares during the last quarter. Norges Bank acquired a new position in shares of Lear in the fourth quarter valued at approximately $82,016,000. LSV Asset Management increased its holdings in shares of Lear by 4.8% in the fourth quarter. LSV Asset Management now owns 713,741 shares of the auto parts company’s stock valued at $81,795,000 after purchasing an additional 32,810 shares during the period. RWC Asset Management LLP lifted its holdings in shares of Lear by 3.5% during the fourth quarter. RWC Asset Management LLP now owns 589,753 shares of the auto parts company’s stock worth $67,586,000 after purchasing an additional 19,705 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Lear during the second quarter worth $65,397,000. Hedge funds and other institutional investors own 97.04% of the company’s stock.
Lear News Roundup
Here are the key news stories impacting Lear this week:
- Positive Sentiment: Lear’s latest reported quarter provided a fundamental counterpoint to the cautious coverage: earnings per share and revenue exceeded consensus expectations, while revenue increased year over year. However, no new earnings announcement was included in the latest articles.
- Neutral Sentiment: The other articles in the news feed concern unrelated topics, including Warren Buffett investing lessons, “King Lear” literary and theatrical coverage, cryptocurrencies, and other companies. They are not expected to affect Lear Corporation’s valuation or outlook.
- Negative Sentiment: Analysts have become more cautious on Lear Corporation, contributing to weakness in the shares. The report does not identify a new operational setback, but the change in analyst sentiment may reflect concerns about the auto-supply industry, earnings durability, or the company’s outlook. Lear Corporation stock falls as analysts turn more cautious
- Negative Sentiment: Wall Street Zen reportedly lowered its rating on Lear, reinforcing the broader analyst caution surrounding the stock. Rating reductions can weigh on sentiment even when they do not immediately change the company’s earnings outlook. Lear Stock Rating Lowered by Wall Street Zen
About Lear
Lear Corporation is a global automotive technology company that designs and manufactures systems and components used in passenger vehicles. Its business is organized primarily around two areas: seating and E-Systems. Lear supplies complete vehicle seating systems, including seats, structures, mechanisms, foam, covers and related components, as well as electrical distribution systems and other technologies that help manage power, data and connectivity within vehicles.
The company’s E-Systems offerings include low- and high-voltage wiring systems, connection systems, battery and power-management solutions, electronic control modules, displays and software-enabled technologies.
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