Renaissance Investment Group LLC cut its position in shares of Lear Corp. (NYSE:LEA) by 7.7% during the third quarter, Holdings Channel reports. The institutional investor owned 11,531 shares of the company’s stock after selling 961 shares during the period. Renaissance Investment Group LLC’s holdings in Lear Corp. were worth $1,398,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new stake in Lear Corp. during the second quarter worth approximately $222,829,000. Vanguard Group Inc. increased its stake in Lear Corp. by 9.7% in the second quarter. Vanguard Group Inc. now owns 5,704,450 shares of the company’s stock worth $580,484,000 after buying an additional 502,415 shares in the last quarter. AQR Capital Management LLC increased its stake in Lear Corp. by 30.8% in the second quarter. AQR Capital Management LLC now owns 1,668,029 shares of the company’s stock worth $169,739,000 after buying an additional 392,597 shares in the last quarter. American Century Companies Inc. increased its stake in Lear Corp. by 259.0% in the second quarter. American Century Companies Inc. now owns 531,695 shares of the company’s stock worth $54,105,000 after buying an additional 383,579 shares in the last quarter. Finally, Numeric Investors LLC increased its stake in Lear Corp. by 74.8% in the second quarter. Numeric Investors LLC now owns 858,300 shares of the company’s stock worth $87,341,000 after buying an additional 367,400 shares in the last quarter. Institutional investors and hedge funds own 97.85% of the company’s stock.
Shares of Lear Corp. (NYSE:LEA) traded down 0.73% on Monday, reaching $128.68. The company had a trading volume of 635,002 shares. The stock has a market cap of $9.03 billion, a PE ratio of 9.77 and a beta of 1.29. The stock has a 50-day moving average price of $121.05 and a 200-day moving average price of $115.83. Lear Corp. has a 12 month low of $93.54 and a 12 month high of $130.59.
Lear Corp. (NYSE:LEA) last announced its earnings results on Wednesday, October 26th. The company reported $3.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.96 by $0.23. The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.45 billion. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.56 EPS. Analysts predict that Lear Corp. will post $13.69 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, December 7th. Lear Corp.’s payout ratio is presently 9.12%.
LEA has been the subject of a number of recent analyst reports. RBC Capital Markets reiterated a “sector perform” rating and issued a $127.00 price objective (up previously from $121.00) on shares of Lear Corp. in a report on Thursday, October 27th. Zacks Investment Research upgraded Lear Corp. from a “hold” rating to a “buy” rating and set a $136.00 price target for the company in a report on Tuesday, October 4th. Bank of America Corp. downgraded Lear Corp. from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $145.00 to $115.00 in a report on Wednesday, November 9th. Goldman Sachs Group Inc. downgraded Lear Corp. from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $116.00 to $107.00 in a report on Thursday, October 6th. Finally, Robert W. Baird initiated coverage on Lear Corp. in a report on Monday, October 10th. They issued a “neutral” rating and a $133.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. Lear Corp. has a consensus rating of “Hold” and an average target price of $126.75.
In other news, Director Jonathan F. Foster sold 1,500 shares of Lear Corp. stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value of $178,860.00. Following the completion of the transaction, the director now directly owns 4,025 shares of the company’s stock, valued at approximately $479,941. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company 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.