First Citizens Bank & Trust Co. reduced its position in Lear Corp. (NYSE:LEA) by 28.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 83,991 shares of the company’s stock after selling 32,995 shares during the period. First Citizens Bank & Trust Co.’s holdings in Lear Corp. were worth $8,547,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Checchi Capital Advisers LLC boosted its position in shares of Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock worth $104,000 after buying an additional 26 shares during the last quarter. Creative Planning boosted its position in shares of Lear Corp. by 24.4% in the second quarter. Creative Planning now owns 1,532 shares of the company’s stock worth $156,000 after buying an additional 300 shares during the last quarter. Quotient Investors LLC bought a new position in shares of Lear Corp. during the second quarter worth approximately $204,000. Hartford Investment Management Co. boosted its position in shares of Lear Corp. by 13.3% in the second quarter. Hartford Investment Management Co. now owns 2,067 shares of the company’s stock worth $210,000 after buying an additional 243 shares during the last quarter. Finally, BKD Wealth Advisors LLC boosted its position in shares of Lear Corp. by 12.9% in the second quarter. BKD Wealth Advisors LLC now owns 2,211 shares of the company’s stock worth $225,000 after buying an additional 253 shares during the last quarter. Institutional investors own 94.70% of the company’s stock.
Shares of Lear Corp. (NYSE:LEA) traded down 0.70% during trading on Friday, reaching $120.94. The company’s stock had a trading volume of 1,105,825 shares. The stock’s 50 day moving average price is $117.36 and its 200-day moving average price is $113.28. Lear Corp. has a 52-week low of $93.54 and a 52-week high of $127.00. The stock has a market cap of $8.65 billion, a price-to-earnings ratio of 9.68 and a beta of 1.22.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Thursday, July 28th. The company reported $3.66 EPS for the quarter, beating the consensus estimate of $3.32 by $0.34. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.86 billion. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.82 EPS. Equities analysts anticipate that Lear Corp. will post $13.27 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 30th. This represents a $1.20 annualized dividend and a dividend yield of 0.99%. Lear Corp.’s dividend payout ratio (DPR) is presently 9.58%.
A number of research analysts have issued reports on the company. Goldman Sachs Group Inc. cut Lear Corp. from a “neutral” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research lowered Lear Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday. Seaport Global Securities started coverage on Lear Corp. in a research note on Tuesday, August 9th. They set a “neutral” rating on the stock. Citigroup Inc. lifted their price target on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Finally, Barclays PLC set a $127.00 price target on Lear Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $129.11.
In other news, Director Jonathan F. Foster sold 1,500 shares of the stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total transaction of $178,860.00. Following the transaction, the director now directly owns 4,025 shares in the company, valued at approximately $479,941. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.33% of the company’s stock.
About Lear Corp.
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 operates through two segments: seating and electrical.