Lear Corp. (NYSE:LEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $144.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.91% from the company’s previous close.
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
A number of other equities analysts have also recently commented on the company. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $127.00 target price (up from $121.00) on shares of Lear Corp. in a report on Thursday, October 27th. Bank of America Corp. cut Lear Corp. from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $145.00 to $115.00 in a report on Wednesday, November 9th. Goldman Sachs Group Inc. cut Lear Corp. from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $116.00 to $107.00 in a report on Thursday, October 6th. Robert W. Baird initiated coverage on Lear Corp. in a report on Monday, October 10th. They issued a “neutral” rating and a $133.00 target price on the stock. Finally, Seaport Global Securities initiated coverage on Lear Corp. in a report on Tuesday, August 9th. They issued a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $126.75.
Lear Corp. (NYSE:LEA) opened at 128.68 on Tuesday. The stock has a market capitalization of $9.03 billion, a PE ratio of 9.77 and a beta of 1.29. Lear Corp. has a 52-week low of $93.54 and a 52-week high of $130.59. The company’s 50-day moving average price is $121.05 and its 200 day moving average price is $115.83.
Lear Corp. (NYSE:LEA) last released its quarterly earnings results on Wednesday, October 26th. The company reported $3.19 earnings per share for the quarter, beating the consensus estimate of $2.96 by $0.23. The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.45 billion. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.56 EPS. Equities analysts forecast that Lear Corp. will post $13.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $1.20 annualized dividend and a yield of 0.93%. Lear Corp.’s dividend payout ratio is currently 9.12%.
In related 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 owns 4,025 shares in the company, valued at $479,941. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.33% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its position in Lear Corp. by 164.8% in the third quarter. Advisory Services Network LLC now owns 850 shares of the company’s stock valued at $103,000 after buying an additional 529 shares in the last quarter. Global X Management Co. LLC raised its position in Lear Corp. by 65.9% in the third quarter. Global X Management Co. LLC now owns 934 shares of the company’s stock valued at $113,000 after buying an additional 371 shares in the last quarter. Financial Architects Inc raised its position in Lear Corp. by 5,882.4% in the third quarter. Financial Architects Inc now owns 1,017 shares of the company’s stock valued at $123,000 after buying an additional 1,000 shares in the last quarter. Checchi Capital Advisers LLC raised its position in Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock valued at $104,000 after buying an additional 26 shares in the last quarter. Finally, Societe Generale bought a new position in Lear Corp. during the second quarter valued at approximately $121,000. Institutional investors own 97.85% of the company’s stock.
Lear Corp. 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 operates through two segments: seating and electrical.