Russell Investments Group Ltd. lowered its position in Lear Corporation (NYSE:LEA) by 13.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 263,870 shares of the auto parts company’s stock after selling 41,612 shares during the period. Russell Investments Group Ltd. owned about 0.38% of Lear Corporation worth $37,517,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of LEA. BlackRock Inc. raised its position in shares of Lear Corporation by 1,617.8% in the first quarter. BlackRock Inc. now owns 7,113,550 shares of the auto parts company’s stock worth $1,007,136,000 after buying an additional 6,699,449 shares during the period. Ardevora Asset Management LLP bought a new position in shares of Lear Corporation during the second quarter valued at $34,540,000. Prudential Financial Inc. raised its position in shares of Lear Corporation by 43.8% in the first quarter. Prudential Financial Inc. now owns 685,822 shares of the auto parts company’s stock valued at $97,099,000 after buying an additional 209,000 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Lear Corporation by 156.8% in the first quarter. Principal Financial Group Inc. now owns 315,253 shares of the auto parts company’s stock valued at $44,634,000 after buying an additional 192,473 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Lear Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 6,251,039 shares of the auto parts company’s stock valued at $885,022,000 after buying an additional 173,513 shares during the last quarter. Institutional investors and hedge funds own 96.59% of the company’s stock.
Shares of Lear Corporation (NYSE:LEA) traded down 0.17% during trading on Friday, reaching $142.06. 546,340 shares of the company traded hands. Lear Corporation has a 12 month low of $110.77 and a 12 month high of $153.28. The firm has a market capitalization of $9.67 billion, a PE ratio of 9.46 and a beta of 1.32. The firm has a 50-day moving average price of $145.91 and a 200-day moving average price of $142.88.
Lear Corporation (NYSE:LEA) last issued its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $4.39 EPS for the quarter, topping the Zacks’ consensus estimate of $4.11 by $0.28. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $4.89 billion. During the same quarter last year, the business earned $3.66 earnings per share. Lear Corporation’s revenue was up 8.4% on a year-over-year basis. Equities research analysts anticipate that Lear Corporation will post $16.55 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Thursday, August 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Tuesday, August 29th. Lear Corporation’s payout ratio is currently 13.28%.
Several research analysts have weighed in on LEA shares. Barclays PLC restated an “equal weight” rating and set a $134.00 target price (down from $138.00) on shares of Lear Corporation in a research report on Saturday, April 22nd. Zacks Investment Research downgraded shares of Lear Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Seaport Global Securities raised shares of Lear Corporation from a “neutral” rating to a “buy” rating and set a $163.00 price target on the stock in a report on Thursday, May 4th. Bank of America Corporation downgraded shares of Lear Corporation from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $135.00 to $110.00 in a report on Friday, June 16th. Finally, Guggenheim initiated coverage on shares of Lear Corporation in a report on Wednesday, June 21st. They issued a “buy” rating and a $167.00 price target on the stock. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $148.64.
In related news, Director Greg C. Smith sold 2,266 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $145.12, for a total value of $328,841.92. Following the transaction, the director now owns 13,885 shares in the company, valued at $2,014,991.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.49% of the stock is currently owned by company insiders.
Lear Corporation Company Profile
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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